GBP/JPY in need to define its trend

FXstreet.com (Chicago) - GBP/JPY was propelled to 150.34 intraday highs prior to BoJ monetary policy meeting minutes and machinery orders data.

Earlier on Monday, the Cabinet Office of Japan published its Q2 GDP results at 2.6% vs. expected 3.6% and previous 3.8%. Industrial production data also disappointed at -4.6% vs. past -1.1% for June similarly to capacity utilization in negatives at -2.3 vs. previous 2.3%. Throughout the journey, price action indicated brief strength by the Yen early in Asia yet was unable to sustain gains as the cable regained its pulse for a strong comeback prior to more Japanese data to be released at 11:50GMT.

Technically speaking, the pair trades at 150.31 gaining 0.29% so far since the beginning of the journey. On the downside, supports are aligned at 150.13 (July 12th highs), 149.86 (July 15th lows) ahead of 149.65 (July 5th lows). On the upside, resistances are set at 150.45 (July 14th highs), 150.63 (August 8th highs) followed by 150.89 (July 30th highs). The FXstreet.com trend index reports the pair is slightly bullish on one-hour timeframe analysis.