The GBPJPY pair has exceeded the level of 182.00 and is now stabilizing above the 20-day simple moving average.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• GBP/JPY advanced above 182.00, consolidating itself above the 20-day SMA.

The pair currently trades last at 182.628.

The previous day high was 181.5 while the previous day low was 176.32. The daily 38.2% Fib levels comes at 179.52, expected to provide support. Similarly, the daily 61.8% fib level is at 178.3, expected to provide support.

On the last day of July, the GBP gained ground against the JPY, trading at 182.759, with 0.81% gains day, mainly due to the Bank of Japan´s (BoJ) decision on Friday which made the JPY weaken on dovish bets on the BoJ.

Friday’s Bank of Japan (BoJ) decision saw an unexpected announcement of a slight tweak in their Yield Control Policy Curve (YCC) but still no signs of a monetary policy lift-off. Governor Ueda commented that the bank is not considering hiking rates as the local inflation figures are still well behind their forecast, and the YCC tweak was not a step into a policy normalisation. In that sense, monetary policy divergences are mainly responsible for weakening the JPY.

On the other hand, Investors anticipate that the Bank of England (BoE) will implement a 25 bps increase in its key interest rate to 5.25% on August 3, while in the last weeks, the stronger case was a 50 bps hike. In addition, market participants expect two more rate hikes by the end of the year, which supports the strengthening of GBP over the JPY. Furthermore, investors will closely look at Governor’s Bailey speech and the Monetary Policy statement to look for additional clues regarding the bank’s subsequent decisions.

The daily candlestick chart shows that bulls are gaining ground with a Relative Strength Index (RSI) trading in positive territory and a slope pointing north, while the Moving Average Coverage Divergence (MACD) is printing fading red bars indicating that the bears are losing the little strength they have left. On the overall outlook, the pair trades above the 20,100 and 200-day Simple Moving Average (SMA), emphasizing a positive trend for investors.

Resistance levels: 183.00, 183.500,184.00.
Support levels: 181.560 (20-day SMA), 181.00,180.00.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 182.64 at the time of writing. Pair opened at 181.42 and is trading with a change of 0.67 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 181.68, 50 SMA 178.99, 100 SMA @ 172.57 and 200 SMA @ 167.93.

The previous day high was 181.5 while the previous day low was 176.32. The daily 38.2% Fib levels comes at 179.52, expected to provide support. Similarly, the daily 61.8% fib level is at 178.3, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 178.0, 174.57, 172.82
• Pivot resistance is noted at 183.17, 184.92, 188.35

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...