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JPYUSD

Updated technical GBPJPY price forecastMost traders are aware of the rout that the USD is carving into the Japanese yen and the Great British pound. Since the beginning of March 2022, the USD has appreciated against the yen by 11%, and 7% against the pound. Naturally, with their respective performances against the USD, the pound has strengthened against the yen since the beginning of March. But, by how much and what is the technical and fundamental perspective of the GBPJPY pair moving forward? GBPJPY Daily perspective Some long candles have begun presenting themselves in the GBPJPY daily chart recently, pushing and pulling this pair across a significant range over each trading session. This week, GBPJPY has swung between 156.30 and 161.80. GBPJPY 2H perspective On a short term view, we might expect some range-bound trading in the GBPJPY. The Average True Range indicator, on a 2-hour chart is showing weak buying and selling pressure. For a GBP bull, a bias for a tight range between 158.00 and 162.00 might be desired. A bear may extend that lower bound down to 155.00 in substitution for 158.00. As of writing, the GPYJPY is trading at 159.200. This level aligns closely to a resistance level from three previous highs going back to October 2021. The GBPJPY blasted through this resistance quite emphatically on March 22, and then slowly trended up to a peak of ~168.00 within a month. Whereupon pessimism in the UK economy set in, as the Bank of England gave warning of a potential recession, and the GBPJPY gave up a good chunk of gains. At the same time, the pound hit a 2-year low against the greenback. Even so, traders are still aware of the ultra-accommodative policy of the Bank of Japan. Thus, any potential dovishness from the Bank of England in response to the fear of recession is unlikely to reach the levels exhibited by the Bank of Japan. This fundamental factor may help to morph the 158.00 level, once a persistent level of a resistance, into a firm level of support moving forward.
by BlackBull_Markets
sell usdjy at 126.05 with 2 tp until 124.05 YEn is in free fall but get less power to go more up even it took 100 pips today i think the target can be 130 but before that need to take a real breath like to 122.5 but i put only 124 to be sure because he is much overbought daily and weekly have ùany space to go down,also investor may wanna take them profit on this trade i go with just 1 lot and did not make stop loss coz i know max target before rejection cant be 130 ,but maybe 127.5 or 128 and if its the case,every 75 pips up more i will add 1 lot coz i have the bamance to can do..and so when he will back down my target can still or change dependt of the volatility i will update my trade in time,i will try also when it will rech target 1 and i will make a stop loss to 125.75 for at least got 30 pips gains in case he pullback up before reaching my target 2.
Short
by corsicasia
2