💰Take Profit 1 - 185.80
💰Take Profit 2 - 186.30
💰Take Profit 3 - 186.80
Technical analysis:
The GBPJPY pair is currently in a bullish trend, and it is currently trading near the bottom of its range. The current spot rate is 185.00, and a buy entry point of 185.00 is just above the recent low of 184.80.
The pair is also trading above its 200-day moving average, which is a bullish signal. The pair is also forming an ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The British pound is generally seen as a riskier currency than the Japanese yen, and it has been strengthening against the Japanese yen as concerns about the global economy have subsided.
Second, the Bank of England (BoE) is expected to raise interest rates more quickly than the Bank of Japan (BoJ), which could put upward pressure on the GBP against the JPY.
Finally, the UK economy is expected to grow more quickly than the Japanese economy in the near term. This is due to a number of factors, including the reopening of the economies after the COVID-19 pandemic.
Risks:
There are a few risks to consider before entering a trade on GBPJPY. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in GBPJPY.
Second, the BoJ is also expected to raise interest rates, which could put upward pressure on the Japanese yen.
Finally, the Chinese economy is expected to weaken in the near term due to the ongoing trade tensions with the US. This could put downward pressure on the GBP against the JPY.
Here are some additional factors that you may want to consider before entering a trade on GBPJPY:
The economic outlook for the UK and Japan.
The level of volatility in the forex market.
The price of commodities, such as oil and other manufactured goods.
💰Take Profit 2 - 186.30
💰Take Profit 3 - 186.80
Technical analysis:
The GBPJPY pair is currently in a bullish trend, and it is currently trading near the bottom of its range. The current spot rate is 185.00, and a buy entry point of 185.00 is just above the recent low of 184.80.
The pair is also trading above its 200-day moving average, which is a bullish signal. The pair is also forming an ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The British pound is generally seen as a riskier currency than the Japanese yen, and it has been strengthening against the Japanese yen as concerns about the global economy have subsided.
Second, the Bank of England (BoE) is expected to raise interest rates more quickly than the Bank of Japan (BoJ), which could put upward pressure on the GBP against the JPY.
Finally, the UK economy is expected to grow more quickly than the Japanese economy in the near term. This is due to a number of factors, including the reopening of the economies after the COVID-19 pandemic.
Risks:
There are a few risks to consider before entering a trade on GBPJPY. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in GBPJPY.
Second, the BoJ is also expected to raise interest rates, which could put upward pressure on the Japanese yen.
Finally, the Chinese economy is expected to weaken in the near term due to the ongoing trade tensions with the US. This could put downward pressure on the GBP against the JPY.
Here are some additional factors that you may want to consider before entering a trade on GBPJPY:
The economic outlook for the UK and Japan.
The level of volatility in the forex market.
The price of commodities, such as oil and other manufactured goods.