👋 Interested in how you can make an $1,000 per day with a trusted heavily regulated ⭐⭐⭐⭐⭐ 5-star international broker? Sign up for a free consultation.
Trading Signal: GBPJPY Forecast
The GBPJPY price is currently heading towards 189.3802, following a recent breakout through 190.7575. However, there is a possibility that the pair may struggle to maintain momentum and could potentially reverse direction. This scenario has occurred multiple times in the past, so traders should be cautious and watch for a potential bounce back.
Trading Strategy and Technical Indicators:
- The trading strategy for GBPJPY involves using a combination of Moving Averages and Fibonacci retracement levels to identify key support and resistance levels.
- The Moving Averages help to smooth out price fluctuations and provide a clearer picture of the overall trend.
- Fibonacci retracement levels are used to predict potential reversal points based on the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8%, and 100%.
- Traders should also pay attention to other technical indicators such as the Relative Strength Index (RSI) and MACD to confirm potential entry and exit points.
Correlation with Assets:
- GBPJPY is highly correlated with other GBP pairs such as GBPUSD and GBPEUR.
- It also has a strong correlation with JPY pairs like USDJPY and EURJPY.
Economic Calendar Events:
- Traders should be aware of upcoming economic events such as interest rate decisions, GDP releases, and inflation data that could impact the GBPJPY pair.
- Key events to watch out for include Bank of England (BOE) monetary policy announcements, Japanese economic data releases, and geopolitical developments affecting the UK and Japan.
By staying informed about these factors and using a combination of technical analysis tools, traders can make more informed trading decisions when trading GBPJPY.
⚠ If you wish to learn how to invest in the right stocks or trade successfully online, you can look into our free daily news about stock market news, crypto market news, commodities news, forex news, and financial markets daily technical analysis and trading signals.
