Instrument: GBPJPY
Technical Analysis
Bullish Preference:
buy position is envisaged if the price trades above 172.072 with take profit at 172.255
Bearish Preference:
sell position is envisaged if the price trades below price171.612 with take profit at 171.447
Fundamentals:
9:30 AM Flash Manufacturing PMI
9:30 AM Flash Services PMI
10:15 AM Monetary Policy Report Hearings
Comment:
The Japanese Yen had seen its sustained weakness of late as markets digest comments from the BoJ Governor, inflation data and more recently improving wage data as well. Inflation data came in extremely hot on Friday but unlike many Central Banks isn’t really guiding policy at this stage. And as ealier pointed out on the EURGBP analysis, The weakness in the Yen is likely to continue with other major Central Banks like the ECB and BoE still planning at least one more rate hike while Fed Policymakers have been striking a rather hawkish tone. This is in complete contrast to Fed Chair Jerome Powell who on Friday struck a dovish note in his comments.
Analysis: SCRUM Team