GBPJPY Potential Forecast | 2nd March 2023
Fundamental Backdrop
1. BOE continues to face higher inflationary pressures which will prompt the BOE to take on a more hawkish stance in the market.
2. BOJ continues to ease, dovish stance is continued.
3. This interest rate differential continues to be a key factor in the appreciation of the GBP over the JPY.
Technical Confluences
1. Price is still on a bullish trend forming higher highs and lows.
2. Price is resting well above the ichimoku cloud, signifying bullish intent in the market.
3. Price retraced to the key H4 support level at 161.7 and continued bullish and is currently flirting the level at 163.7.
4. Price can potentially head to the lower timeframe support at 162.8 before heading back up.
Idea
Will be looking for price to tap into the support at 162.8 before continuing its bullish trajectory where longs will be taken upon proper confirmation.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. BOE continues to face higher inflationary pressures which will prompt the BOE to take on a more hawkish stance in the market.
2. BOJ continues to ease, dovish stance is continued.
3. This interest rate differential continues to be a key factor in the appreciation of the GBP over the JPY.
Technical Confluences
1. Price is still on a bullish trend forming higher highs and lows.
2. Price is resting well above the ichimoku cloud, signifying bullish intent in the market.
3. Price retraced to the key H4 support level at 161.7 and continued bullish and is currently flirting the level at 163.7.
4. Price can potentially head to the lower timeframe support at 162.8 before heading back up.
Idea
Will be looking for price to tap into the support at 162.8 before continuing its bullish trajectory where longs will be taken upon proper confirmation.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Disclaimer
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