GBPJPY Potential Forecast | 8th March 2023
Fundamental Backdrop
1. Upcoming GDP q/q for the GBP releasing this Friday.
2. A positive print and above forecast will set the GBP for some bullish pressure.
3. Overall, due to interest rate differential and the difference in monetary policy stance of BOE and BOJ, GBP continues to appreciate against the JPY.
Technical Confluences
1. Price has officially tapped into the H4 support at 161.91.
2. Price continues to form higher highs and higher lows.
3. Anticipate for price to tap into the H4 resistance level at 166.04.
Idea
I will be looking for price to continue its bullish momentum and for a break of structure on the lower timeframe which will serve as a confirmation for my long entry.
1. Upcoming GDP q/q for the GBP releasing this Friday.
2. A positive print and above forecast will set the GBP for some bullish pressure.
3. Overall, due to interest rate differential and the difference in monetary policy stance of BOE and BOJ, GBP continues to appreciate against the JPY.
Technical Confluences
1. Price has officially tapped into the H4 support at 161.91.
2. Price continues to form higher highs and higher lows.
3. Anticipate for price to tap into the H4 resistance level at 166.04.
Idea
I will be looking for price to continue its bullish momentum and for a break of structure on the lower timeframe which will serve as a confirmation for my long entry.
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