GBPJPY Potential Forecast
Fundamental Backdrop
1. BOE continues to face higher inflationary pressures which will prompt the BOE to take on a more hawkish stance in the market.
2. BOJ continues to ease, dovish stance is continued.
3. This interest rate differential continues to be a key factor in the appreciation of the GBP over the JPY.
Technical Confluences
1. Price is still on a bullish trend forming higher highs and lows.
2. Price is resting well above the ichimoku cloud , signifying bullish intent in the market.
3. Price retraced to the key H4 support level at 161.7 and continued bullish and is currently flirting the level at 163.7.
4. Price can potentially head to the lower timeframe support at 162.8 before heading back up.
Idea
Will be looking for price to tap into the support at 162.8 before continuing its bullish trajectory where longs will be taken upon proper confirmation. #OPINIONLEADER#
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