Are u selling gbpjpy with me ?
Hey so i will provide in a short summary why i belive its a good sell opportunity. Taking in mind fondamentale also !!
- Daily break of structure
- Psychological numbers ahead
- waiting for some rejections at those lvl and take the sell manually or you could set limits
- I belive the market is overextended so I expect corrections going on in every pair to maybe stabilize a bit .
What about the news ?
Positive news for the pound:
The UK economy grew by 0.4% in the second quarter of 2023, beating expectations.
The Bank of England is expected to continue raising interest rates in an effort to combat inflation.
The UK government is considering measures to support the pound, such as selling government bonds.
Negative news for the pound:
The UK is facing a number of economic challenges, including high inflation, rising energy costs, and a labor shortage.
The ongoing political turmoil in the UK is also weighing on the pound.
The pound is still down significantly against the yen from its pre-pandemic levels.
Positive news for the yen:
The Japanese economy is showing signs of recovery, with GDP growth of 0.5% in the second quarter of 2023.
The Bank of Japan is maintaining its ultra-dovish monetary policy, which is supporting the yen.
The yen is seen as a safe-haven currency, and investors are flocking to it amid global economic uncertainty.
Negative news for the yen:
The Japanese economy is still facing a number of challenges, including a shrinking population, an aging workforce, and high debt levels.
The Bank of Japan's ultra-dovish monetary policy is putting downward pressure on the yen.
The yen is still down significantly against the US dollar from its recent highs.
Overall, the outlook for GBP/JPY is uncertain. The pound is facing a number of challenges, but the Bank of England is expected to continue raising interest rates, which could support the currency. The yen is also facing some challenges, but it is benefiting from its safe-haven status.
Current technical outlook for GBP/JPY
GBP/JPY is currently trading in a consolidation pattern, with resistance at 183.34 and support at 180.78. If the pair breaks above resistance, it could target the next resistance level at 186.75. If it breaks below support, it could target the next support level at 176.29.
- Daily break of structure
- Psychological numbers ahead
- waiting for some rejections at those lvl and take the sell manually or you could set limits
- I belive the market is overextended so I expect corrections going on in every pair to maybe stabilize a bit .
What about the news ?
Positive news for the pound:
The UK economy grew by 0.4% in the second quarter of 2023, beating expectations.
The Bank of England is expected to continue raising interest rates in an effort to combat inflation.
The UK government is considering measures to support the pound, such as selling government bonds.
Negative news for the pound:
The UK is facing a number of economic challenges, including high inflation, rising energy costs, and a labor shortage.
The ongoing political turmoil in the UK is also weighing on the pound.
The pound is still down significantly against the yen from its pre-pandemic levels.
Positive news for the yen:
The Japanese economy is showing signs of recovery, with GDP growth of 0.5% in the second quarter of 2023.
The Bank of Japan is maintaining its ultra-dovish monetary policy, which is supporting the yen.
The yen is seen as a safe-haven currency, and investors are flocking to it amid global economic uncertainty.
Negative news for the yen:
The Japanese economy is still facing a number of challenges, including a shrinking population, an aging workforce, and high debt levels.
The Bank of Japan's ultra-dovish monetary policy is putting downward pressure on the yen.
The yen is still down significantly against the US dollar from its recent highs.
Overall, the outlook for GBP/JPY is uncertain. The pound is facing a number of challenges, but the Bank of England is expected to continue raising interest rates, which could support the currency. The yen is also facing some challenges, but it is benefiting from its safe-haven status.
Current technical outlook for GBP/JPY
GBP/JPY is currently trading in a consolidation pattern, with resistance at 183.34 and support at 180.78. If the pair breaks above resistance, it could target the next resistance level at 186.75. If it breaks below support, it could target the next support level at 176.29.
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