UK Unemployment Rises, What Effect on the GBP/JPY Chart? This is Price Prediction Analysis

<p>&nbsp;Any surprises in the movement on the chart of the GBP/JPY currency pair today?</p><p><br /></p><p>The UK jobs data report published at the start of today's European session is the focus of investors who are watching the movement of the Pound currency.</p><p><br /></p><p>Component readings in the report were somewhat mixed with the 3-month average earnings index rising to 8.5% from 8.4% previously, beating forecasts for a drop to 8.2%.</p><p><br /></p><p>However, the unemployment rate increased to 4.3% from 4.2% which was in line with the forecast.</p><p><br /></p><p>At the beginning of the published report, the Pound was seen to show no significant reaction with only a slow flat.</p><p><br /></p><p>It is likely that investors will also look forward to the UK economic growth data to be published on Wednesday to evaluate these two readings to get a picture ahead of the central bank of England's (BOE) policy meeting next week.</p><p><br /></p><p>There was no significant movement on the GBP/JPY chart at the beginning of the European session which still shows a slow tempo but has increased since the beginning of the Asian session.</p><p><br /></p><p><br /></p><p>If you look at yesterday's movement, the price has been pushed down to the level of 182.700 in addition to the strengthening factor of the Yen at the opening of the week following the initial expectation of a change in the monetary policy of the central bank of Japan (BOJ).</p><p><br /></p><p>However, the price recovered slightly to make gains today and is seen trying to overcome the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the GBP/JPY chart which can give an important signal to the price direction.</p><p><br /></p><p>If the price manages to break through the MA50 and move higher, the price increase will test the resistance level last Friday around 184.400 before heading towards the concentration level of 185.00.</p><p><br /></p><p>On the other hand, if the price is pushed down again, the level reached yesterday will try to be overcome for the price to resume the bearish trend movement.</p><p><br /></p><p>An extended decline would expect the price to reach the next concentration level at 182.00.</p>