GBPJPY | Analysis Post-BOJ Rate Hike: Bullish Breakout or Retracement? | FOREX
Today’s focus: GBPJPY
Pattern – Continuation/resistance test?
Support – 188.20
Resistance – 191.15
Hi, traders; thanks for tuning in for today’s update. Today, we are looking at the GBPJPY daily.
The BOJ lifted rates today to 0.10%, breaking the run of negative rates and showing a change in direction not seen since 2007. The BOJ also advised an end to yield curve control and ETF purchases.
This harmed the JPY and sent majors higher. The GBPJPY has added up to 0.73% in today’s session and has come close to testing resistance. We want to see a break of resistance to show a new continuation higher. A stall at resistance could set up a new move lower.
GBPJPY Analysis Post-BOJ Rate Hike: Bullish Breakout or Retracement?
If we see a new move to 190 and above, could we see the BOJ step in?
Good trading.
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