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Instrument: GBPJPY
Bullish Preference:
A buy position is envisaged if the price trades above 181.567 with take profit at 181.784.
Bearish Preference:
A sell position is envisaged if the price trades below 180.961 with take profit at 180.741.
Fundamentals:
7:00 AM GBP Claimant Count Change
Comment:
Cable remains in an uptrend with the pair printing a series of higher lows and higher highs since late September last year. While most of the move higher from the spike low at 1.0354 happened in 2022, this year the move is slightly more predictable. Any sell-off will be met by support all the way down to the 1.2447 area, while there is little in the way of resistance before 1.3000 comes into view. Cable may look to trade in this 1.2447 to 1.3000 range in the coming weeks, giving range traders opportunities along the way. One of the big FX winners of Q2 has been long GBP/JPY. The pair is up 11% since the start of April and are currently trading at, or very close to, levels last seen in December 2015. The fundamental backdrop of a dovish Bank of Japan (BoJ) and an increasingly hawkish Bank of England (BoE) has fuelled the move to date, and this move may have more to run, but care needs to be taken
Analysis: SCRUM Team
