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Forex: GBP/JPY testing the 1.5600 level after UK ILO

FXstreet.com (Barcelona) - The GBP/JPY has thrust ahead Wednesday, as the JPY weakness continues this week. A notable setback was ultimately curbed yesterday, allowing for a clean rise off of yesterdays lows which extended during European trading today, on the heels of economic data in the United Kingdom. In these moments, the pair is trading at 156.01/08.

In the United Kingdom, the Claimant Count Change (April) came in at -7.3K, against expectations of -3.0K. In addition, the Claimant Count Rate climbed +4.5% in April, vs. a projection of +4.6%. Finally, ILO Employment improved to 7.8%, beating the consensus of 7.9%.

According to the Technical Analyst Team at ICN.com, “The GBP/JPY rebounded slightly after approaching 154.70 support area and the minor ascending trend line shown above. This area could provide a good short term support for price and push it higher again, and thus we maintain our positive expectations.”

At the time of writing, the cross is jumping at a rate of +0.20% above its opening - the Mataf.net analyst team posits the next means of resistance at 156.10, followed by 156.62, and ultimately 157.19. Should the pair wither, a break below 155.01 will initiate short-term supports for the GBP/JPY at 154.44, ahead of 153.93.

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