GBPJPY Analysis Week 50
🌐Fundamental Analysis
The Japanese Yen (JPY) struggled to capitalize on the previous day’s modest gains and traded in a narrow range against the US currency in early European trading on Friday. Meanwhile, the short-term bias appears to favor JPY bulls as the more dovish Bank of Japan (BoJ) remains on track to raise interest rates.
The British Pound rose sharply against major currencies on Friday as Bank of England (BoE) officials signaled persistent price pressure concerns. BoE Governor Andrew Bailey also stressed that the central bank still has work to do to bring inflation below its 2% target.
With no major UK economic data in the near term, market speculation that the BoE will make a rate decision at its December 19 monetary policy meeting will boost sterling’s valuation. Traders expect the BoE to keep interest rates unchanged at 4.75%.
🕯Technical Analysis
GBPJPY rebounded strongly after breaking the downtrend channel. 190.300 became an important support zone in the immediate future and the price range was formed with resistance at 192.500, the highest peak of last week that the sellers accepted. That is also an important zone of the EMA 89. Pay attention to this border area of the pair in the immediate future. In the further border area, when there are signs of breaking out of the narrow range, the pair can push the price up to 194.400. Because the main trend of the market is uptrend again. BUY signals will be prioritized next week when there are important breakout signs. Pay attention to the bottom area of 188.300 so that the pair can form a double bottom pattern and increase again.
📈📉Trading Signals
BUY GBPJPY 188.400-188.200 Stoploss 188.000
SELL GBPJPY 194.400-194.600 Stoploss 194.800
The Japanese Yen (JPY) struggled to capitalize on the previous day’s modest gains and traded in a narrow range against the US currency in early European trading on Friday. Meanwhile, the short-term bias appears to favor JPY bulls as the more dovish Bank of Japan (BoJ) remains on track to raise interest rates.
The British Pound rose sharply against major currencies on Friday as Bank of England (BoE) officials signaled persistent price pressure concerns. BoE Governor Andrew Bailey also stressed that the central bank still has work to do to bring inflation below its 2% target.
With no major UK economic data in the near term, market speculation that the BoE will make a rate decision at its December 19 monetary policy meeting will boost sterling’s valuation. Traders expect the BoE to keep interest rates unchanged at 4.75%.
🕯Technical Analysis
GBPJPY rebounded strongly after breaking the downtrend channel. 190.300 became an important support zone in the immediate future and the price range was formed with resistance at 192.500, the highest peak of last week that the sellers accepted. That is also an important zone of the EMA 89. Pay attention to this border area of the pair in the immediate future. In the further border area, when there are signs of breaking out of the narrow range, the pair can push the price up to 194.400. Because the main trend of the market is uptrend again. BUY signals will be prioritized next week when there are important breakout signs. Pay attention to the bottom area of 188.300 so that the pair can form a double bottom pattern and increase again.
📈📉Trading Signals
BUY GBPJPY 188.400-188.200 Stoploss 188.000
SELL GBPJPY 194.400-194.600 Stoploss 194.800
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