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JAPANESE YEN / BRITISH POUND

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JPYGBP trade ideas

Pound-yen bounces from ¥188GBPJPY moved up after the latest test of ¥188 as it now appears unlikely that the Bank of England will cut rates this month although the Bank of Japan still seems to be on track to tighten policy in the near future. In a recent interview Andrew Bailey indicated that four cuts are likely next year; the difference in rates for pound-yen is unlikely to go below 3% until late 2025 or early 2026. The upward crossover of the slow stochastic in oversold might suggest a possibly ongoing bounce, but so far this hasn’t really been supported by volume. The main dynamic resistance in view now is the 100 SMA around ¥192.75. Looking further ahead, the 423.6% monthly Fibonacci extension around ¥200 is likely to be a very strong resistance above which the price is unlikely to break without a strong fundamental driver. ¥183.50 would probably still be an active support if the price continues lower after the current bounce. The key data coming up for pound-yen is British GDP on Thursday 12 December.
by Exness_Official
GJ Breakout trade, Asian sessionToday's trade was a GJ short, in the Asian session at approx 00:30. The Price broke out of the range I set up and took entry on Close with SL above the breakout candle. However, before entering trade, I knew it was more of a risky trade with a lower probability of winning. When you look left for the target, there are no clear targets to aim for. The first target was right near the entry, but also wicked down further into the 2nd target. As a result not allowing for a clean set up. As the trade could have easily reversed in the other direction which it did after a while. Prior to entering the target, I knew I had to watch it closely and be ready to exit the trade at any point, as it may wick down into target range, but also reverse back up, as when you look left that is what occurred as well. As a result, this trade did not hit my TP, but had to be managed and closed with profit earlier. Always have to remind yourself markets repeat themself, but can also be unpredictable, better to take a small profit and survive for the next day. This is for education purposes only, not financial advice.
by GurjotFX
Potential Reversal Buy SetupHi Traders! GJ made its way down to 188.000 and now I'm seeing a potential reversal to the upside on the 4HR TF. Price didn't break structure on the daily, so this could be a buy setup to previous Sell Stops at 194.000-195.000. I'm being patient right now and waiting for a retest around 190.500-190.200s for more confirmation. With that being said, Let's see what we get! 🤞 Entry: 190.500-190.200 TP: 194.000 *DISCLAIMER: I am not a financial advisor. The ideas and trades I take on my page are for educational and entertainment purposes only. I'm just showing you guys how I trade. Remember, trading of any kind involves risk. Your investments are solely your responsibility and not mine.*
by thattradergirl
Pound-yen bounces from ¥188GBPJPY moved up after the latest test of ¥188 as it now appears unlikely that the Bank of England will cut rates this month although the Bank of Japan still seems to be on track to tighten policy in the near future. In a recent interview Andrew Bailey indicated that four cuts are likely next year; the difference in rates for pound-yen is unlikely to go below 3% until late 2025 or early 2026. The upward crossover of the slow stochastic in oversold might suggest a possibly ongoing bounce, but so far this hasn’t really been supported by volume. The main dynamic resistance in view now is the 100 SMA around ¥192.75. Looking further ahead, the 423.6% monthly Fibonacci extension around ¥200 is likely to be a very strong resistance above which the price is unlikely to break without a strong fundamental driver. ¥183.50 would probably still be an active support if the price continues lower after the current bounce. The key data coming up for pound-yen is British GDP on Thursday 12 December. This is my personal opinion which does not represent the opinion of Exness. This is not a recommendation to trade.
by Michael_Stark_Exness
#GBPJPY 4HGBPJPY 4-Hour Analysis The GBPJPY pair has recently broken above a key trendline on the 4-hour chart, indicating a shift in momentum to the upside. However, to confirm the breakout's validity, it is advisable to wait for the price to retest the trendline, which may now act as a support level, before entering a buy position. Technical Outlook: Pattern: Trendline Breakout Forecast: Bullish (Wait for Support Touch, Then Buy) Entry Strategy: Buy on a successful retest of the trendline, supported by bullish price action signals. Traders should watch for confirmation from bullish candlestick patterns, such as a bullish engulfing, or indicators like RSI and MACD showing upward momentum. Place stop-loss orders below the retested trendline to manage risk effectively. Target higher resistance levels for potential gains.
Long
by PIPSFIGHTER
GBPJPY ANALYSIS The GBP/JPY pair tells the trader how many Japanese Yen (the quote currency) are needed to purchase one British Pound (the base currency). It is known to be a “carry currency cross”, that is a cross which is a vehicle for carry trading (one of today's most popular trading strategies). A carry trade happens when a person sells or borrows an asset with a low-interest rate in order to purchase another asset with a higher interest rate, looking to profit from the underlying interest rate difference. This strategy is heavily used in the foreign exchange market (forex)Bank of England (BoE), known to be one of the most effective central banks in the world. It acts as the government's bank and the lender of last resort. It issues currency and, most importantly, it oversees monetary policy (including interest rates). Andrew Bailey became the new Governor of the Bank of England on March 16th, 2020. Her Majesty the Queen has approved the appointment. He is widely and deeply respected for his leadership managing the financial crisis, developing the new regulatory frameworks, and supporting financial innovation to better serve UK households and businesses.
Short
by KingForex078
GBPJPY double top found Double Top Formation in GBPJPY A bearish Double Top pattern has formed in the GBPJPY currency pair, indicating a potential reversal of the uptrend. Key levels to watch: Neckline support: 190.125 Resistance: 191.500 Target: 189.500 The Double Top pattern is characterized by: Two consecutive peaks at similar levels A decline between the two peaks A potential breakout below the neckline support A breakout below the neckline support (190.125) could trigger a short position, targeting 189.500. Keep a close eye on GBPJPY for a potential breakdown!" BEST WISHES TOM 😎
Short
by Tom_Trades_670