GBP/JPY:DETAILED TECHNICAL+FUNDAMENTAL ANALYSIS|LONG SETUP 🔔

The Japanese National CPI for May increased 0.3% monthly and decreased 0.1% annualized. Forex traders can compare this to the Japanese National CPI for April, which decreased 0.4% monthly and 0.4% annualized. The Japanese National Core CPI for May increased by 0.1% annualized. Economists predicted an increase of 0.1%. Forex traders can compare this to the Japanese National Core CPI for April, which decreased 0.1% annualized. The Bank of Japan decided to keep interest rates at -0.10%. Forex traders can compare this to the previous Bank of Japan interest rate decision where interest rates were left unchanged at -0.10%.

UK Retail Sales for May decreased 1.4% monthly and increased 24.6% annualized. Economists predicted an increase of 1.6% and 29.0%. Forex traders can compare this to UK Retail Sales for April, which increased 9.2% monthly and 42.4% annualized. UK Core Retail Sales for May increased 9.1% monthly and 21.7% annualized. Economists predicted an increase of 1.5% and 27.3%. Forex traders can compare this to UK Core Retail Sales for April, which increased 9.0% monthly and 37.7% annualized.

The forecast for the GBP/JPY slowly turns bullish after price action corrected and is approaching its ascending impulse.

Will bulls have enough power to pressure the GBP/JPY into the pullback Area ?