Final target rise 3%
GBP/JPY Poised for Bullish Breakout Amid Yen Weakness and FOMC Minutes
The GBP/JPY pair appears to be accumulating volume within a large triangle pattern, indicating a potential breakout in either direction.
However, my focus is on a bullish move.
The Japanese Yen is showing signs of weakness due to diminishing hopes for further rate hikes from the Bank of Japan (BoJ).
Additionally, the release of the FOMC minutes today is expected to reiterate Federal Reserve Chair Jerome Powell’s recent comments that the Fed is not in a hurry to cut rates significantly. This scenario could create selling pressure on the JPY.
A price move above the triangle pattern is likely to push GBP/JPY to new highs.
The first target is approximately 150 pips, the second target around 250 pips, and the third target nearly 370 pips.
The GBP/JPY pair appears to be accumulating volume within a large triangle pattern, indicating a potential breakout in either direction.
However, my focus is on a bullish move.
The Japanese Yen is showing signs of weakness due to diminishing hopes for further rate hikes from the Bank of Japan (BoJ).
Additionally, the release of the FOMC minutes today is expected to reiterate Federal Reserve Chair Jerome Powell’s recent comments that the Fed is not in a hurry to cut rates significantly. This scenario could create selling pressure on the JPY.
A price move above the triangle pattern is likely to push GBP/JPY to new highs.
The first target is approximately 150 pips, the second target around 250 pips, and the third target nearly 370 pips.
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