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GBPJPY trade ideas

GBPJPY Support and Resistance Levels: Is 200.50 Within Reach?GBPJPY recently reached a target we discussed a couple of weeks ago, and the bullish trend remains intact above the 197.76 level. The price bounced from this level on Sunday, Monday, and Tuesday. If the price dips to around 198.42 but holds above 197.76, I anticipate bullish traders will likely support the price, aiming to lift it toward the resistance at 199.43. Should the price break above 199.71—the next target at 200.50 may come into play. This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Long
by ThinkMarkets
GBPJPY GBP/JPY Analysis Summary Technical Analysis - Trend: GBP/JPY is in an uptrend, with the 10, 50, and 200 EMAs indicating bullish momentum. Price has recently been trading above these EMAs, suggesting continued upward pressure. - Resistance and Support: Resistance is near 198.80 and 199.35, while support can be found around the 198.00 level, which aligns with the buy zone. - Indicators: The Squeeze Momentum Indicator (SQZMOM) shows bullish momentum with green bars, but it’s not at extreme levels, indicating a steady rather than sharp increase in buying power. Fundamental Analysis - Bank of England (BoE): The BoE has been raising interest rates in response to inflation, supporting a stronger pound. UK inflation has recently slowed but remains a consideration for future policy adjustments. - Bank of Japan (BoJ): The BoJ continues its dovish stance, with no immediate plans to raise interest rates, as confirmed by BoJ board member Adachi. This policy divergence between the BoE and BoJ favors GBP/JPY long positions. - Market Sentiment: Traders expect GBP/JPY to maintain an upward trajectory, with some forecasts suggesting it could reach 203 by the end of 2024 if fundamentals remain favorable. Trade Plan - Buy Zone: Enter at 198.00 - 198.50. - Stop Loss: Set at 197.00 - Take Profit: - First TP: 199.80 (near resistance). - Second TP: 202.00 (for a more extended bullish target). This setup leverages the strong technical trend and fundamental support from the BoE-BoJ policy gap. Keep an eye on unexpected policy changes, particularly from Japan.
Long
by azizy73
GBPJPY Trading IdeaBased on Simple Technical Analysis ( Trendline + Support & Resistance ) Risk Disclaimer: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are for educational purposes only. Any action you take on the information in this analysis is strictly at your own risk. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Good luck :-)
Short
by ShahedZare
GBPJPY Bullish ScenarioToday, we will analyze GBPJPY Specific explanations are provided for each zone and movement on the chart. If you have any opinions, feel free to share them in the comments section. Please note that this analysis is not intended as financial advice. Each individual should assume responsibility for their own trades. The purpose of this post is to provide ideas and inspiration, encouraging readers to view the chart from different perspectives. Always conduct your own research and analysis before making any trading decisions.
Long
by Biaxar