GBPJPY Analysis Weekly and Daily Forex Analysis

GBP/JPY (British Pound - Japanese Yen) analysis begins with a focus on the rate decisions influenced by the Fed and Bank of England. The sentiments by BoE sounded more hawkish. By hawkish, I mean that they believe that there exists a need for high-interest rates. The approach is focused on combating inflation. In other situations, it might be applied to restrain or control rapid economic growth. Therefore, there is a high chance that the Bank of England will slowly begin to raise rates before the United States. Under such circumstances, it will automatically mean that a weak Japanese Yen will be witnessed.  That said, it is important to preview the Support and Resistance in GBP/JPY

SUPPORT & RESISTANCE 

Support

Support 1: 149.61

Support 2: 148.16

Support 3: 145.68

Resistance

Resistance 1: 155.5

Resistance 2: 156.6

Resistance 3: 160.33

Monthly Overview of GBPJPY

Monthly, GBPJPY is on a downward trend. A possible drop to around 140.419 might be realized in the long term. The same applies to the weekly overview. Generally, if a downward trend (bears) are activated around the area over 154.0.83, it will be apparent that a downward trend will begin to be witnessed.

GBPJPY Analysis Week Ahead

There is a high chance that the week ahead will witness a form of range between the area 149.884 and 153.152. The range will play a critical role in determining the actual direction that the trend will support. It is important to trade with stop losses in the long-term to avoid the unprecedented change of trade.

My Trade Setup Monday (GBPJPY Analysis)

My focus for Monday and Tuesday will be between the areas 151.146 and 151.702. A sell is ON with a take profit around 151. 170. Once the take profit is hit, a BUY limit is strategically placed at 151.176 with a take profit around 151. 609.