GBPJPY - Bullish Bias

GBP - BULLISH
1️⃣ Investors hope for a quicker economic recovery in the UK due to the continued success of the vaccination rollout programme coupled with massive fiscal and monetary stimulus packages.
2️⃣ The IHS Markit/CIPS UK Manufacturing PMI was revised higher to 58.9 in March 2021, from a preliminary estimate of 57.9 and above February's 55.1.

JPY - BEARISH
1️⃣ Industrial output in Japan fell 2.1% mom in February, worse than expected.
2️⃣ Japan's housing starts dropped by 3.7% yoy in the month, the 20th straight month of fall.

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Technical
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We are looking to buy the GBPJPY at RBS + above SMA 50 on the H1 chart.

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Risk to this trade
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Any change in sentiment could turn the pair's direction.