GBPJPY
The BoE left interest rates unchanged at the latest meeting as expected as they reiterated that they will keep interest rates high enough to return to the 2% target.
daily chart,
We can see that GBPJPY is now at a key resistance around the 184.45 level. This is where we can expect sellers to come in with defined risk above the level and the price will drop to the support level of 178.00.
On the other hand, buyers want to see the price higher to extend the bullish conquest to new highs.
Time frame 4 hours
On the 4-hour chart, we can see the range between the 178.00 support and the 45.184 resistance more clearly.
Buyers should also be careful, as we may get a fake signal, which could confirm the fall if the price breaks down after the breakout and reaches a low around the 50/182 level.
1 hour time frame
On the 1-hour chart, we can see more closely the current price action as the yen loses ground following the lack of wage data.
It looks more and more likely that sellers will just count on a rate cut from the BoE, as the BoJ is unlikely to do much with lower inflation and lower wage growth.
The BoE left interest rates unchanged at the latest meeting as expected as they reiterated that they will keep interest rates high enough to return to the 2% target.
daily chart,
We can see that GBPJPY is now at a key resistance around the 184.45 level. This is where we can expect sellers to come in with defined risk above the level and the price will drop to the support level of 178.00.
On the other hand, buyers want to see the price higher to extend the bullish conquest to new highs.
Time frame 4 hours
On the 4-hour chart, we can see the range between the 178.00 support and the 45.184 resistance more clearly.
Buyers should also be careful, as we may get a fake signal, which could confirm the fall if the price breaks down after the breakout and reaches a low around the 50/182 level.
1 hour time frame
On the 1-hour chart, we can see more closely the current price action as the yen loses ground following the lack of wage data.
It looks more and more likely that sellers will just count on a rate cut from the BoE, as the BoJ is unlikely to do much with lower inflation and lower wage growth.