GBP/JPY has tested a key resistance level and pulled back. Notwithstanding the roadblock, the short-term trend remains bullish and could lead to more gains. GBP/JPY is seen rising for the eighth consecutive day on Wednesday. It has tested and then pulled back from the key September 2 high at 193.49, a major resistance level. The…
GBP/JPY is correcting within a short-term downtrend. The odds favor a resumption lower once the correction completes. GBP/JPY has pulled back up to resistance at 186.51 in a counter-trend reaction after plumbing new lows. The descending sequence of peaks and troughs since the September 2 high suggests the pair is in a short-term downtrend. GBP/JPY…
Market Analysis: GBPJPY Market to Commence New Bearish Momentum The GBPJPY pair has recently deviated from its previous bullish trend, marked by a noticeable shift in market sentiment. This change was highlighted by a series of significant bearish candlesticks, interrupted only by occasional bullish retracements. The downward movement found support at the 179.980 level, from…
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GBP/JPY holds gains following unexpected dovish comments from BoJ Deputy Governor Shinichi Uchida. BoJ’s Uchida emphasized to maintain its current level of monetary easing for the time being. The Japanese Yen may appreciate due to increased risk aversion amid heightened Middle East tensions. GBP/JPY halts its losing streak that began on July 30, trading around…
GBPJPY explores the consolidation phase amid quiet economic data. The current status of the GBPJPY currency pair involves a period of consolidation near the 200.00 market level. At the moment, market participants brace for a week with minimal economic data releases. This phase of consolidation offers an opportunity to delve into the various factors that…