British Pound To Japanese Yen (GBP/JPY) Reaches Lower Levels! British Pound (GBP) has been producing some weaker data as of recently and I expect it to continue. | Saul Lokier
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The BoE have hiked their rates for a 4th time but have signalled there is less to come. A dovish hike and mixed data reports is giving a bearish tone for the currency.
Weekly trade idea on GBP/JPY.
Week: 16-20.05.2022
Weaker PMIs and Retail Sales for the GBP.
JPY on the other hand has had a recent re-evaluation after the steep runs. Potential profit taking moving the market. Rising rates and the central bank's level of hawkishness could drive stocks lower, therefore driving the JPY higher.
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Key Levels:
- Resistance 159.00
- Support 156.400
Trend GBP/JPY.
Bearish
Overall trend recently has been to the downside on the pair, I think this trend will continue into the near future and breaking lower lows as it moves.
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Call to Action/Trade Idea
Wait for a pullback and a fair value price to enter short on this pair for the short term future.
