Long

GBP/JPY double top pattern has formed

Updated

⚡️The GBP/JPY pair traded slightly negative for the second day in a row on Friday and edged lower near the bottom of the weekly range during the Asian session.

⚡️However, spot prices attempt to hold above the 184.00 circular mark, ensuring caution for aggressive bearish traders and getting ready for any further downside move. .

⚡️Despite the overall positive tone in equity markets, the Japanese Yen (JPY) still attracted some haven flows amid fears of a deeper global recession and acted as a drag for GBP/JPY pair.

⚡️Share your ideas with Krado, I'm looking forward to it⚡️

Note

⚡️GBP/JPY remains low for the second day in a row, despite a lack of further selling.

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⚡️The bets were reaffirmed by comments from BoE Deputy Governor Ben Broadbent last week, saying that policy rates may have to remain within a limited range for some time because of the knock-on effects of the price increase is unlikely to disappear quickly

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⚡️Additionally, Japan's Ministry of Finance reported that capital expenditures by companies rose 4.5% from a year earlier in the April-June period, down from 11.0%. previously and missing consensus expectations for a 5.4% increase. Also, the divergent policy stance adopted by the Bank of Japan (BoJ) and another major central bank, could hinder traders from placing strong bullish bets around the JPY.

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⚡️A modest pickup in demand for the safe-haven JPY exerts downward pressure on the cross.

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⚡️GBP/JPY stays defensive after two-day losing streak, bounces off one-week low.

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⚡️BoE tightening expectations remain steady, and BoJ will likely maintain its dovish outlook.
⚡️Monetary policy divergences drive the pair upwards.

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⚡️Everything is going according to my plan, the goal is not far away

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⚡️GBP/JPY extends week-start recovery amid market’s cautious optimism

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⚡️UK Hunt assured that the administration is on track to bring down inflation to almost 5% by year-end

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⚡️GBP/JPY loses momentum, snaps two-day winning streak on Wednesday.
UK S&P Global/CIPS Composite PMI fell to 48.6 in August vs. 50.8 prior.

Note

⚡️Japanese policymakers will closely monitor FX movements with a sense of urgency.
The attention will shift to Japan’s Gross Domestic Product (GDP) due on Friday.

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⚡️new prospects

Trade closed: target reached

Trade active

Krado_KO

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