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Forex: GBP/JPY finishes slightly lower as recent consolidation continues

FXstreet.com (Barcelona) - The GBP/JPY traded in a narrow range, closing the day down 12 pips at 151.51. Japan released Industrial Production and recent Unemployment rate figures earlier in the session but the effect was minimal. Currently the pair is slightly higher, up 7 pips at 151.58. The pair has been consolidating on the daily chart over past week with neither side being able to establish enough of a move to set the next major trend.

According to analysts at Rabobank, “Japan has already released jobs data for March this morning. The unemployment rate fell to 4.1% from 4.3%, the lowest rate since November 2008. The jobs-to-applicants ratio improved to 0.86, the highest since the same month. Consistent with the better tone to Japan’s economy of late”.

The FXStreet.com Trend Index remains slightly bearish on the 4 hour chart, while the OB/OS remains neutral. Short term moving averages remain in bullish set up, with price sitting just above the 9dma, and well above the 20dma. First support sits at 150.53 (the 20dma), followed by 150.00 (support on 1 hour chart). Initial resistance is at 152.20 (previous days high), followed by 152.52 (high price from April 19th).

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