Today's European session (Tuesday) briefly focuses on the UK jobs data report before more important data is published until the end of the week.
Examining the details of the report, the published figures are positive with the 3-month average earnings index recording 5.8% slightly better than the forecast of 5.6% while the unemployment rate in the UK dropped to 3.8% from 4.2% previously.
Investors are watching the initial impact of the report on the current movement of the Pound.
If the price chart of the GBP/JPY currency pair is examined, the movement is seen to have leveled off in the 188.500 zone at the end of last week following the rising pattern exhibited earlier.
At the beginning of yesterday's week, prices were pushed down in the European session but rose again above the level of 188,500.
Prices remained hovering slowly in the zone continuing trading in the Asian session this morning as it was seen crossing above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/JPY chart.
In January trading, the price has reached a height of around 188,900 which is the highest in 9 years.
But after the jobs data report was published just now, prices have surged past that level.
This has set a new record for the highest price since 2015!
The highest level reached in 2015 was past the price of 195.00.
However, this is likely to be only an initial reaction and it is not impossible for the price to plunge again after this.
The price that fails to hold above the 188.500 zone will increase the pressure to drop to lower levels again.
The initial target is in the zone around 187.500 before the decline continues until it reaches the concentration zone of 185.00 which has the potential to be a support for the price.
