GBP/JPY on the Rise: Key Levels to Watch!
The USD/JPY hit a 10-week high on the 10th, driven by market confidence that the Fed will be cautious with rate cuts. The resilient U.S. economy is boosting the dollar, while rising U.S. bond yields could push the yen toward 150.
On Thursday, the dollar briefly touched 149.54 JPY, the highest since August, before slipping 0.18%. Strong U.S. job data reduced expectations for Fed rate cuts, in contrast to Japan’s dovish tone, as new PM Shigeru Ishiba and BOJ officials dampened hopes for an October rate hike, weakening the yen.
Two key factors to watch: the Fed’s rate decisions and Japan’s parliamentary elections on the 27th. If Ishiba doesn't secure a strong victory, internal party challenges could affect BOJ policy.
Forecasted GBP/JPY levels (based on Fib Channel method):
194.689
197.821
201.695
207.958
Wishing you success in your trades!
On Thursday, the dollar briefly touched 149.54 JPY, the highest since August, before slipping 0.18%. Strong U.S. job data reduced expectations for Fed rate cuts, in contrast to Japan’s dovish tone, as new PM Shigeru Ishiba and BOJ officials dampened hopes for an October rate hike, weakening the yen.
Two key factors to watch: the Fed’s rate decisions and Japan’s parliamentary elections on the 27th. If Ishiba doesn't secure a strong victory, internal party challenges could affect BOJ policy.
Forecasted GBP/JPY levels (based on Fib Channel method):
194.689
197.821
201.695
207.958
Wishing you success in your trades!
Note
TRADE ACTIVE: CURRENT STOP LOSS COULD SET @195.511 @194.689Note
It could capture stop-loss profits and allow for a re-entry to buy again, with a stop-loss set at 194.689.Note
Continue buying GBP/JPY after a pullback.
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