GBPJPY: Potential for Further Rise Amid BOJ Uncertainties
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GBPJPY: Potential for Further Rise Amid BOJ Uncertainties
Bank of Japan Governor Kazuo Ueda stated that the economy is making progress toward achieving sustained wage-driven inflation, but provided few clues on whether the central bank might raise interest rates next month. The market remains uncertain about a potential rate hike, as the BOJ has not yet altered its Monetary Policy statement, leaving the JPY vulnerable to market speculation.
Although the JPY is not in the same situation as it was a few months ago, the significant difference in interest rates compared to other countries remains a strong reason for its continued weakness.
Technical Analysis:
GBPJPY completed a bullish harmonic pattern at 194.30. The initial price reaction was a clear push of nearly +100 pips. Following this brief pause, GBPJPY is expected to rise again. While it is somewhat risky, this projection aligns with fundamental analysis. GBPJPY may reach the first two targets this week.
Targets: 🎯 196.30 🎯 196.85 🎯 197.50
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Bank of Japan Governor Kazuo Ueda stated that the economy is making progress toward achieving sustained wage-driven inflation, but provided few clues on whether the central bank might raise interest rates next month. The market remains uncertain about a potential rate hike, as the BOJ has not yet altered its Monetary Policy statement, leaving the JPY vulnerable to market speculation.
Although the JPY is not in the same situation as it was a few months ago, the significant difference in interest rates compared to other countries remains a strong reason for its continued weakness.
Technical Analysis:
GBPJPY completed a bullish harmonic pattern at 194.30. The initial price reaction was a clear push of nearly +100 pips. Following this brief pause, GBPJPY is expected to rise again. While it is somewhat risky, this projection aligns with fundamental analysis. GBPJPY may reach the first two targets this week.
Targets: 🎯 196.30 🎯 196.85 🎯 197.50
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Nota
GBPJPY reached 196.13
Trade ativo
GBPJPY is near to the second target after tested the same patter twice
Trade fechado: objetivo atingido
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