GBPJPY | Will BoJ allow Diamond to shine?
From technical point of view, we have clear Diamond pattern on a daily timeframe. As you can see on my chart, latest rally broke through the upper dynamic resistance, but got quickly pushed down while creating equal highs.
Market closed at a key lvl static support area and dynamic one, from Diamond formation. Based on just technical side, I'm expecting small correction to retest 182.080, it is Camarilla long breakout pivot point. After possible rejection, price should move South and break below diamond pattern with possible move to Short breakout Camarilla point at 180.470.
But what about fundamental side? Well, Bank of Japan might overshadow other Banks in the upcoming week, if Ueda and other members decide to give us something unexpected. Due to experts, there is possibility for another YCC tweak, but I don't think it will be enough to support YEN to higher extend. Ex-BoJ member thinks that negative rates may stop by year-end, and that's exactly what we are looking for. Some word or single thought that could signalize potential end of negative rates. Carefully watch that meeting since it will be crucial.
And here we have Bank of England. BoE is expected to keep the Bank Rate unchanged at 5.25%. Everything will depend on narration of BoE's members. Pause + Neutral stance won't cause any sharp moves in my opinion.
Have a great day y'all! All the best
Market closed at a key lvl static support area and dynamic one, from Diamond formation. Based on just technical side, I'm expecting small correction to retest 182.080, it is Camarilla long breakout pivot point. After possible rejection, price should move South and break below diamond pattern with possible move to Short breakout Camarilla point at 180.470.
But what about fundamental side? Well, Bank of Japan might overshadow other Banks in the upcoming week, if Ueda and other members decide to give us something unexpected. Due to experts, there is possibility for another YCC tweak, but I don't think it will be enough to support YEN to higher extend. Ex-BoJ member thinks that negative rates may stop by year-end, and that's exactly what we are looking for. Some word or single thought that could signalize potential end of negative rates. Carefully watch that meeting since it will be crucial.
And here we have Bank of England. BoE is expected to keep the Bank Rate unchanged at 5.25%. Everything will depend on narration of BoE's members. Pause + Neutral stance won't cause any sharp moves in my opinion.
Have a great day y'all! All the best
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