GBPJPY Potential Forecast | 6th March 2023
Fundamental Backdrop
1. GBP inflation continues to remain elevated at 10.1% for the month of January.
2. BOE continues to take a hawkish stance and most recently raised rates by 50bps to 4.0% in its February meeting.
3. Inflation would need to make a marked fall for the BOE to revise its hawkish stance in the market.
4. BOJ continues to maintain its key short-term i/r at -0.1%, signifying the dovish stance in the market.
5. This wide interest rate differential continues to play a pivotal role in the appreciation of pound over the yen.
Technical Confluences
1. Price is currently flirting the H4 support level at 162.8.
2. Price has also retraced past the 50% in the fibonacci retracement.
3. Price is also resting on the Ichimoku cloud on the H4 timeframe and this serves as a dynamic support zone for price to continue higher as well.
Idea
Looking for long positions on the GBPJPY for price to head up to tap into the HTF resistance at 166.04.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. GBP inflation continues to remain elevated at 10.1% for the month of January.
2. BOE continues to take a hawkish stance and most recently raised rates by 50bps to 4.0% in its February meeting.
3. Inflation would need to make a marked fall for the BOE to revise its hawkish stance in the market.
4. BOJ continues to maintain its key short-term i/r at -0.1%, signifying the dovish stance in the market.
5. This wide interest rate differential continues to play a pivotal role in the appreciation of pound over the yen.
Technical Confluences
1. Price is currently flirting the H4 support level at 162.8.
2. Price has also retraced past the 50% in the fibonacci retracement.
3. Price is also resting on the Ichimoku cloud on the H4 timeframe and this serves as a dynamic support zone for price to continue higher as well.
Idea
Looking for long positions on the GBPJPY for price to head up to tap into the HTF resistance at 166.04.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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