GBPJPY OUTLOOK
Price is approaching towards an order block where resistance is lurking, creating a potential opportunity for a sell.
Impulse Short entries can be taken once price rejects that region.
- Bank of Japan keeps monetary policy unchanged, as expected.
- Mixed sentiment, firmer yields previously underpinned recovery moves amid light calendar elsewhere.
- Chatters over Japan’s more bond issuance, cap on yields highlight BOJ Governor Kuroda’s speech.
- That said, the BOJ held its benchmark rate unchanged at -0.10% while keeping the short-term interest rate target at -0.1% while directing 10-year Japanese Government Bond (JGB) yields toward zero. In doing so, the Japanese central bank matched the market expectations. The surprise factor, however, was the BOJ’s alteration of the Yield Curve Control (YCC) and the bond issuance announcements.
- This led to the strength of the Yen and we believe fundamentally wise, this pair would go lower.
We had our sells set up with potential downside in the R:R ratio of 1:5.
SL can be placed above the order block region whereas TP can be placed in the region of the previous low.
Price is approaching towards an order block where resistance is lurking, creating a potential opportunity for a sell.
Impulse Short entries can be taken once price rejects that region.
- Bank of Japan keeps monetary policy unchanged, as expected.
- Mixed sentiment, firmer yields previously underpinned recovery moves amid light calendar elsewhere.
- Chatters over Japan’s more bond issuance, cap on yields highlight BOJ Governor Kuroda’s speech.
- That said, the BOJ held its benchmark rate unchanged at -0.10% while keeping the short-term interest rate target at -0.1% while directing 10-year Japanese Government Bond (JGB) yields toward zero. In doing so, the Japanese central bank matched the market expectations. The surprise factor, however, was the BOJ’s alteration of the Yield Curve Control (YCC) and the bond issuance announcements.
- This led to the strength of the Yen and we believe fundamentally wise, this pair would go lower.
We had our sells set up with potential downside in the R:R ratio of 1:5.
SL can be placed above the order block region whereas TP can be placed in the region of the previous low.
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