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23 December 2024,02:25
Trade Of The Day
23 December 2024, 02:25
* Dovish Note: The GBP/JPY pair remains steady, edging higher as it is influenced by recent dovish expectations surrounding the Bank of Japan (BoJ). The BoJ maintained its benchmark interest rate at 0.25%, with Governor Ueda offering no clear indication of a potential rate hike in January, contrary to some market expectations. Ueda cautioned that prolonged easing conditions could trigger inflationary pressures but emphasized that future policy decisions would depend on the outcome of wage negotiations. This uncertainty led investors to sell the Yen against its major counterparts.
* Technical Breakout: GBPJPY was traded higher following prior breakout above the previous resistance level 196.450. MACD which illustrate diminishing bearish momentum signal suggest the pair to likely further extends its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 198.950. Conversely, a potential reversal is also to be expected and the price could head back towards 193.70 after it breach back below the level 196.45.
Understand how technical analysis can help you in this trading opportunity.
With Christmas week underway and limited significant economic data on the schedule, market sentiment is anticipated to drive market movements.
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