I am seeking a Long opportunity for GBPJPY this coming week. Over the course of the year. We have been anticipating a rate hike for GBP. They mentioned would come before the year is out. Forecasters anticipate this month to embrace the hike. .25% Previous. Forecasters predict .50%
This meeting will take place Thursday this week. A higher than expected rate is positive or bullish for the GBP. While a lower then expected rate. Will bring bearish for GBP.
Technicals dont explain to well of its next direction. BUT. Fundamentals will certainly be the game changer for this pair this week. Consolidation may take place, until Thursday. A Break out from the monthly Parallel would conclude a bearish bias.
Technicals show confluence of the 1.272 extension up at the Yr highs. This may be the target for this trading idea. I am favoring the bullish bias on this analysis. Thanks for reading my analysis. Good luck traders.