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British Pound / Japanese Yen
Long

GBPJPY → Correction on the background of a bullish trend

By RLinda
Updated
GBPJPY forms a false break of trend resistance, after which the market enters the correction phase. The technical event coincides with the fundamental one - the Central Bank starts to regulate the currency policy of Japan more strictly.

snapshot

Even against the background of rising interest rates in Japan, traders are still bearish. The currency pair as a whole is declining on the background of the pound sterling falling while the dollar is growing, but the Japanese Yen is standing still, but the candlestick setup on D1 hints at the soon beginning of the fall, which can strengthen the currency pair.
A retest of the trend support or one of the strong levels before further growth is possible.

Resistance levels: 190.5, 191.32
Support levels: 189.69, 188.82

Technically, the bullish trend may continue after the correction ends. The area of 189.7 - 188.82 may again have a bullish influence on the currency pair.

Regards R. Linda!
Trade active
Note
Market recovers after bounce off and false breakdown of 190.0
Note
Technically, the pair is ready to continue rising
Chart PatternsDXYFibonacci RetracementFLATFundamental AnalysisGBPJPYGBPUSDSupport and ResistanceTrend AnalysisTrend Line BreakUSDJPYZigzag
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