GBPJPY is forming a consolidation zone following a "Change of Character" (CHoCH) and a bounce from the 218.07 demand zone. Price is consistently making higher lows, indicating that buyers are gradually regaining control. If this support level holds, the likelihood of a breakout above the 218.60–218.82 resistance zone increases.
Fundamentally, the Yen remains under pressure due to the wide interest rate differential between Japan and the UK, while the market has yet to see any actual intervention from Japan's Ministry of Finance. This continues to provide a favorable backdrop for GBPJPY in the short term, although investors should closely monitor statements from Japanese officials.
The preferred scenario is to wait for the price to hold the 218.07 level and confirm a breakout above 218.60. If the breakout succeeds, GBPJPY could extend its upward momentum toward the 219.00 level, which marks a significant supply zone on the H1 timeframe.
Fundamentally, the Yen remains under pressure due to the wide interest rate differential between Japan and the UK, while the market has yet to see any actual intervention from Japan's Ministry of Finance. This continues to provide a favorable backdrop for GBPJPY in the short term, although investors should closely monitor statements from Japanese officials.
The preferred scenario is to wait for the price to hold the 218.07 level and confirm a breakout above 218.60. If the breakout succeeds, GBPJPY could extend its upward momentum toward the 219.00 level, which marks a significant supply zone on the H1 timeframe.
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