Category: Forex News, News

GBP/JPY Forecast Today 10/7: Bullish (Video+Chart)

By Published On: July 10, 20242.2 min readViews: 600 Comments on GBP/JPY Forecast Today 10/7: Bullish (Video+Chart)


(MENAFN– Daily Forex)

  • In my daily GBP/JPY analysis, the British pound has shown itself to be very strong yet again against the Japanese yen as we continue to see upward trajectory, mainly based on the interest rate differential.

  • It does make a lot of sense that we would see this.

  • After all, the market is going to continue to be a situation where people take advantage of cheap pounds anytime they get the opportunity.

You also have to keep in mind that the GBP/JPY market is going to see this as a situation where traders look at this as being a little extended to the upside, but over the longer term, I do believe that the interest rate differential will continue to push this market higher over the longer term and it would just be too much for traders to ignore.Top Forex Brokers

  • 1 Get Started 74% of retail CFD accounts lose money

A pullback at this point in time would be looking toward the 205 yen level as potential support. On the other hand, if we break down below there then we could be looking at a move down to the 200 yen level which would be an excellent value opportunity from what I see. If for some reason we do drop to the 200 level, I think a lot of people will jump into the market right away on the first signs of strength, But Bullish Overall All things being equal, this is a market that will continue to be very noisy. But really at this point in time, you have to keep in mind that the bank of Japan has no real recourse due to the fact that they simply cannot do anything about interest rates. The debt in the country of Japan is so overdone at this point in time that any type of interest rate hike is off the table. They have shown proclivity to intervene from time to time, and that is a possibility. But right now, I think any intervention will only be met by more buying on the dip. So therefore, I remain long and strong.Ready to trade our
daily Forex analysis ? We’ve made this
forex brokers list
for you to check out.MENAFN10072024000131011023ID1108426155

Daily Forex

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

Source link

Discover more from BIPNs

Subscribe to get the latest posts sent to your email.

Written by : Editorial team of BIPNs

Main team of content of Any type of content should be approved by us.

Share this article:

Share your opinion. And leave a reply within the comments from below.

Discover more from BIPNs

Subscribe to get the latest posts sent to your email.