GBPJPY - Bullish Bias
GBP - BULLISH
1️⃣ Investors hope for a quicker economic recovery in the UK due to the continued success of the vaccination rollout programme coupled with massive fiscal and monetary stimulus packages.
2️⃣ The IHS Markit/CIPS UK Manufacturing PMI was revised higher to 58.9 in March 2021, from a preliminary estimate of 57.9 and above February's 55.1.
JPY - BEARISH
1️⃣ Industrial output in Japan fell 2.1% mom in February, worse than expected.
2️⃣ Japan's housing starts dropped by 3.7% yoy in the month, the 20th straight month of fall.
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Technical
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We are looking to buy the GBPJPY at RBS + above SMA 50 on the H1 chart.
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Risk to this trade
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Any change in sentiment could turn the pair's direction.
1️⃣ Investors hope for a quicker economic recovery in the UK due to the continued success of the vaccination rollout programme coupled with massive fiscal and monetary stimulus packages.
2️⃣ The IHS Markit/CIPS UK Manufacturing PMI was revised higher to 58.9 in March 2021, from a preliminary estimate of 57.9 and above February's 55.1.
JPY - BEARISH
1️⃣ Industrial output in Japan fell 2.1% mom in February, worse than expected.
2️⃣ Japan's housing starts dropped by 3.7% yoy in the month, the 20th straight month of fall.
=====
Technical
=====
We are looking to buy the GBPJPY at RBS + above SMA 50 on the H1 chart.
=====
Risk to this trade
=====
Any change in sentiment could turn the pair's direction.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.