The British pound is consolidating round the one hundred (100) day simple moving average and 152.50-55 yen during the morning Asian trade session. The GBP/JPY currency exchange rate is looking for a reason to move higher.
The Asian and Pacific Rim economic calendar is quiet overnight. Japan has no economic data scheduled for publication overnight into Wednesday. However, the safe haven Japanese yen is enjoying some safe haven support. On Tuesday, the United States will publish their monthly core and headline durable goods orders.
The Conference Board (CB) will publish their monthly consumer confidence index. Also, the Philadelphia Fed will publish their monthly manufacturing index and the U.S. will publish monthly house price index (HPI) data.
The United Kingdom will publish the CBI leading index for June and the European Union has no key events scheduled for release during the day.
Daily British Pound Technical Analysis (GBP/JPY)
Looking at price action on the above daily MT 4 price chart, the 14 day MACD histogram is looking positive and the short-term 21 day simple moving average has crossed over the 200 day simple moving average. The British pound is also trading below the falling month old trend line.
A daily close above 152.60 yen could see the British pound challenging the 61.8 percent Fibonacci level in play at 153.15. The high price point, from the middle of July, lines up at 153.50 yen with the monthly high price point coming into focus at 154.10 yen. Forex traders should note the falling trend line is in play at 154 yen.
On the downside, the GBP/JPY currency exchange rate has immediate technical support coming into the picture at 152.20 yen. The next layer of technical support lines up at 152.20 yen. The key round number of 152 yen comes into focus next. The next layer of technical support lines up at 150.65 yen.