GBPJPY Analysis 11/05/2023
BRITISH POUND / JAPANESE YEN H4 Time Frame
Major Trend = Uptrend
Minor Trend = Uptrend
Nearest Support Area = 168.600-169.300
Nearest Resistance Area = 172.750-173.420
Overall Bias = Long
Short Term Target = 171.000-171.485
Ideal Target = 172.750-173.420
Invalidation Level = 168.000
Notes :
Later on today The Bank Of England will discuss another possible interest rate hike of around 25 Basis points to 4.5% which will be its 12th consecutive rate hike since December of 2021. GBPJPY itself has just broken out of its range bound area and is currently retesting its new RBS level (Previous Resistance Becomes Support) with the hopes of finding new buyers.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to make a new Higher Low and continue its rally to the upside with an ideal target around 172.750-173.420. This scenario will still be valid as long as price stays above 168.000.
The 2nd "Worst Case" Scenario is the red paths where price ends up breaking below its major support zone and makes a deeper correction to about 164.722-165.281. If this happens that means price's previous break out will most likely be a fake out before a further decline.
Major Trend = Uptrend
Minor Trend = Uptrend
Nearest Support Area = 168.600-169.300
Nearest Resistance Area = 172.750-173.420
Overall Bias = Long
Short Term Target = 171.000-171.485
Ideal Target = 172.750-173.420
Invalidation Level = 168.000
Notes :
Later on today The Bank Of England will discuss another possible interest rate hike of around 25 Basis points to 4.5% which will be its 12th consecutive rate hike since December of 2021. GBPJPY itself has just broken out of its range bound area and is currently retesting its new RBS level (Previous Resistance Becomes Support) with the hopes of finding new buyers.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to make a new Higher Low and continue its rally to the upside with an ideal target around 172.750-173.420. This scenario will still be valid as long as price stays above 168.000.
The 2nd "Worst Case" Scenario is the red paths where price ends up breaking below its major support zone and makes a deeper correction to about 164.722-165.281. If this happens that means price's previous break out will most likely be a fake out before a further decline.
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