GBPJPY at a Turning Point: Triple Top Signals Potential Decline
GBPJPY at a Turning Point: Triple Top Signals Potential Decline
Fundamental Analysis:
GBP is showing signs of weakness against the Japanese Yen following the latest UK employment data. The UK unemployment rate rose to 4.6% for the three months ending in April, while the Claimant Count Change increased by 33.1K in May.
Meanwhile, hawkish expectations for the Bank of Japan (BoJ) continue to strengthen the Japanese Yen.
Technical Analysis:
GBPJPY has encountered strong resistance near the recent highs for the third time, increasing the likelihood of a decline, as seen on the chart. The price action suggests the formation of a triple top pattern, which could trigger a deeper drop from this zone.
Targets:
🎯 194.70 🎯 193.60 🎯 192.40
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Fundamental Analysis:
GBP is showing signs of weakness against the Japanese Yen following the latest UK employment data. The UK unemployment rate rose to 4.6% for the three months ending in April, while the Claimant Count Change increased by 33.1K in May.
Meanwhile, hawkish expectations for the Bank of Japan (BoJ) continue to strengthen the Japanese Yen.
Technical Analysis:
GBPJPY has encountered strong resistance near the recent highs for the third time, increasing the likelihood of a decline, as seen on the chart. The price action suggests the formation of a triple top pattern, which could trigger a deeper drop from this zone.
Targets:
🎯 194.70 🎯 193.60 🎯 192.40
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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Disclaimer
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✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
Related publications
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.