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GBPJPY → Ahead of a rate hike in Japan...

2024-07-29 10:58 FOREX forecast

💡Ideas For GBPJPY 🇬🇧🇯🇵

📈 GBPJPY → Ahead of a rate hike in Japan...

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GBPJPY intends to continue the current bearish rally. The price temporarily stops at the 197.00 zone for a short respite before falling further. The market is expecting an interest rate hike in Japan…

snapshot

Price breaks the bullish market structure and then confirms the bearish one, indicating a change in the global trend. Volatility is rising in Japanese markets, with the Bank of Japan expected to discuss a rate hike this week and consider a plan to halve government bond purchases. This is a strong scenario for the strengthening of the national currency, traders are reducing the number of short positions this time.

Technically, the focus is on the level of 197.2, this zone splits the market into two zones. Accordingly, price consolidation below this level will be the starting point before the rally.

Support levels: 195.8, 193.8, 191.8

Resistance levels: 197.2, 198.75

Both fundamentally and technically everything is steamed towards further decline. The actions of the Central Bank of Japan affect the rate quite strongly...

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