GBP/JPY Outlook (23 October 2020)

Overall, GBP/JPY is trending upwards. Recently, GBP/JPY bounced off the resistance zone of 137.500.

The UK flash PMI data will be released later at 1630 (SGT).

• Flash Manufacturing PMI (Forecast: 53.2, Previous: 54.1 revised 54.3)
  
• Flash Services PMI (Forecast: 53.4, Previous: 56.1 revised from 55.1)
  

Currently, GBP/JPY is testing to break below the key level of 137. Its next support zone is at 135.350 and the next resistance zone is at 137.500.
Look for short-term selling opportunities of GBP/JPY if it breaks below the key level of 137.