GBPJPY Analysis
GBPJPY is breaking the horizontal resistance
GBPJPY Update
GBPJPY has re-entered the Box pattern, which leads to the SL price.
Reason: Due to the release of more economic news mentioned below, the market is not making technical movements at this time.
Why GBP is Weaker
UK Unemployment Increased – Weak labour market data raised concerns about slower UK economic growth.
Lower BoE Rate Hike Expectations – Falling gilt yields and reduced expectations for further Bank of England tightening weakened support for the Pound.
Why JPY is Stronger
BoJ Policy Shift Expectations – Expectations of changes in Japan’s ultra-low interest rate policy supported Yen strength.
Carry Trade Unwinding Supports JPY – Investors may repatriate funds from carry trades, increasing demand for the Yen.
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