GBPJPY: Pullback in short term is possible..?
Updated
Hi Traders!
The Trend is absolutely bullish on the daily chart, but at the same time, we are approaching a very important resistance area, so we cannot exclude some pullback in the short term. From a technical point of view, on the daily chart the pair could trigger a Reversal Pattern (3 Drives), but to work correctly the price should not rise too much above the 194 area. The bearish Pattern will start working with the support breakout at 191.32, so you need to have a little patience and wait for some confirmation before taking a short position, better by following the intraday chart.
Trade with care
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The Trend is absolutely bullish on the daily chart, but at the same time, we are approaching a very important resistance area, so we cannot exclude some pullback in the short term. From a technical point of view, on the daily chart the pair could trigger a Reversal Pattern (3 Drives), but to work correctly the price should not rise too much above the 194 area. The bearish Pattern will start working with the support breakout at 191.32, so you need to have a little patience and wait for some confirmation before taking a short position, better by following the intraday chart.
Trade with care
Like | Share | Comment
Note
🔴 Intraday (1H) Support Area:Note
🔴 BoE Governor Andrew Bailey said they were not yet at the point where they could cut rates but things are moving in the right direction. The BoE said restrictive policy was weighing on the economy, loosening the labour market and bearing down on inflation pressures, which, despite Thursday's well-above target core CPI, has rate futures traders pricing in three BoE cuts by year-end 2024.Note
Note
🔴 Daily Chart:Note
🔴 The Japanese yen held around 151.5 per dollar, hovering near its lowest levels in four months as the dollar strengthened on bets that US Federal Reserve monetary policy could remain restrictive even as other major central banks start cutting interest rates. Domestically, investors digested data showing Japan’s headline and core inflation rates both rose to a four-month high of 2.8% in February, supporting the Bank of Japan’s decision to end negative rates. Earlier this week, the BOJ raised rates from -0.1% to 0%, hiking for the first time since 2007 and ending eight years of negative rates amid rising wages and high inflation. The central bank also abandoned its yield curve control policy, ended ETF and J-REIT purchases and reduced bond buying activities. However, BOJ Governor Kazuo Ueda said the central bank will maintain an accommodative stance for some time, keeping rates at 0%.Help us reach 50 Likes to continue updating our technical analysis on this pair!
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