Based on the analysis of an upward moving channel in GBP/JPY, and the expectation that it will touch the support line at 163 and then move up to 166, a potential long position recommendation could be considered.
If the price action of GBP/JPY confirms the upward channel, traders and investors may look for a buying opportunity at or near the 163 support level, with a target price of 166. A stop-loss order could be placed below the support level to limit potential losses in case the price moves against the trade.
It's worth noting that the inflation rate for Japan has risen to 4.3, which is higher than the previous rate of 4 and lower than the forecast of 4.5. This could potentially impact the yen's value and contribute to increased volatility in the market.
Meanwhile, the consumer confidence index for Japan is at 31.1, slightly lower than the forecast of 32 and similar to the previous reading of 31. This could indicate that consumers in Japan are not as optimistic about the economic outlook as previously anticipated, which could affect their spending habits and contribute to a potential slowdown in economic activity.
If the price action of GBP/JPY confirms the upward channel, traders and investors may look for a buying opportunity at or near the 163 support level, with a target price of 166. A stop-loss order could be placed below the support level to limit potential losses in case the price moves against the trade.
It's worth noting that the inflation rate for Japan has risen to 4.3, which is higher than the previous rate of 4 and lower than the forecast of 4.5. This could potentially impact the yen's value and contribute to increased volatility in the market.
Meanwhile, the consumer confidence index for Japan is at 31.1, slightly lower than the forecast of 32 and similar to the previous reading of 31. This could indicate that consumers in Japan are not as optimistic about the economic outlook as previously anticipated, which could affect their spending habits and contribute to a potential slowdown in economic activity.