GBPJPY - October 24 Price Prediction - Long
Hello Everyone,
With price currently on GJ being squeezed around the 195 levels, it is inevitable we will get a breakout one way or the other. However, l feel the breakout to the upside, why?
Volume & Liquidity
- The area of 195 has been tested and with each retracement it has reduced in distance, simply, as this level has been repeatedily tested the shorts orders are reducing. Meaning when we get another touch, the bulls with most likely have more pressure to break through that level.
JPYBASKET
- The JPYBASKET last week broke the daily lows of 6,480 and has not been able to break 6,500 OB. If price rejects the 6,500, we can easily see price hit the first OB drawn out. The downside potential is large on JPYBASKET if it holds 6,500 and that where my second long target comes from.
Fundamentals
- The United Kingdom and there first labour government of 14 years will be announcing there first budget on the 30/10/2024, this will detail any tax increases/reductions, public spending and current economical situation. I believe it to be bearish for the GBP, so price will be driven as high as possible to maximise shortfall.
I have entered at Long at 194.500 with an SL at 194, 200 (30pips)
Goodluck and comment down below your thoughts.
With price currently on GJ being squeezed around the 195 levels, it is inevitable we will get a breakout one way or the other. However, l feel the breakout to the upside, why?
Volume & Liquidity
- The area of 195 has been tested and with each retracement it has reduced in distance, simply, as this level has been repeatedily tested the shorts orders are reducing. Meaning when we get another touch, the bulls with most likely have more pressure to break through that level.
JPYBASKET
- The JPYBASKET last week broke the daily lows of 6,480 and has not been able to break 6,500 OB. If price rejects the 6,500, we can easily see price hit the first OB drawn out. The downside potential is large on JPYBASKET if it holds 6,500 and that where my second long target comes from.
Fundamentals
- The United Kingdom and there first labour government of 14 years will be announcing there first budget on the 30/10/2024, this will detail any tax increases/reductions, public spending and current economical situation. I believe it to be bearish for the GBP, so price will be driven as high as possible to maximise shortfall.
I have entered at Long at 194.500 with an SL at 194, 200 (30pips)
Goodluck and comment down below your thoughts.
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