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GBP/JPY Rally: Upbeat UK CPI Fuels Strong Currency Movement!
The GBP/JPY currency pair pared most of its gains on strong yen. It hits a low of195.60 at the time of writing and is currently trading around 195.88. The Potential Reversal Zone (PRZ) is set at 200.20.
In a speech on November 21, 2024, Bank of Japan Governor Kazuo Ueda discussed Japan's economy, noting it is recovering moderately but warned of some weak signs that could impact growth. He highlighted that rising domestic wages are now a key driver of inflation, which may affect future monetary policy decisions. Ueda’s remarks caused fluctuations in the USD/JPY exchange rate as market participants reacted. While he didn't comment on short-term currency movements, he mentioned there isn't a significant buildup of yen carry positions. Overall, his speech is being closely watched for clues about possible interest rate changes.
Technical Overview
The GBP/JPY is trading above both short-term and long-term moving averages, which suggests a major uptrend. The immediate resistance level is at 198. If the price breaks this level, it could rise toward 199/200.20. Support is at 196.80 and if that fails, the price could drop to 196/195/194.30/193.60/192.95/191.80.
Indicator Analysis
The CCI and ADX indicators suggest a bearish trend.
Trading Recommendation:
Consider selling on rallies around 197 with SL around 198.80 and aim for a target price of 193.50
