🇬🇧🇯🇵 #GBPJPY Analysis
🕓 Time Frame: 4-hour Chart/Close
🔽 Status: Bearish
📆 30/07/2024
Current Market Situation:
GBPJPY is poised to continue its bearish trend. The price has temporarily halted around the 197.00 zone, taking a short respite before potentially falling further. The market is anticipating an interest rate hike in Japan, which adds to the bearish sentiment.
Key Observations:
Market Structure: The price has broken the bullish market structure and confirmed a bearish one, indicating a shift in the global trend.
Rising Volatility: Japanese markets are experiencing increased volatility with the Bank of Japan expected to discuss a rate hike this week and consider a plan to halve government bond purchases.
Trader Behavior: Traders are reducing their short positions on the yen, signaling confidence in the yen's strengthening.
Technical Outlook:
Key Level: The focus is on the 197.2 level, which divides the market into two zones. Price consolidation below this level could signal the start of a further bearish rally.
Resistance Levels:
197.2
198.75
Support Levels:
195.8
193.8
191.8
Conclusion:
Both fundamentally and technically, indicators point towards a further decline in GBPJPY. The actions of the Bank of Japan, particularly the potential rate hike and reduction in government bond purchases, are likely to have a significant impact on the currency pair.
🕓 Time Frame: 4-hour Chart/Close
🔽 Status: Bearish
📆 30/07/2024
Current Market Situation:
GBPJPY is poised to continue its bearish trend. The price has temporarily halted around the 197.00 zone, taking a short respite before potentially falling further. The market is anticipating an interest rate hike in Japan, which adds to the bearish sentiment.
Key Observations:
Market Structure: The price has broken the bullish market structure and confirmed a bearish one, indicating a shift in the global trend.
Rising Volatility: Japanese markets are experiencing increased volatility with the Bank of Japan expected to discuss a rate hike this week and consider a plan to halve government bond purchases.
Trader Behavior: Traders are reducing their short positions on the yen, signaling confidence in the yen's strengthening.
Technical Outlook:
Key Level: The focus is on the 197.2 level, which divides the market into two zones. Price consolidation below this level could signal the start of a further bearish rally.
Resistance Levels:
197.2
198.75
Support Levels:
195.8
193.8
191.8
Conclusion:
Both fundamentally and technically, indicators point towards a further decline in GBPJPY. The actions of the Bank of Japan, particularly the potential rate hike and reduction in government bond purchases, are likely to have a significant impact on the currency pair.
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.