GBP/JPY M30 Channel Breakout Hints at Potential Upside: Buy Opportunity Emerges The GBP/JPY pair on the M30 timeframe presents a potential buying opportunity due to a recent upward breakout from a channel pattern. This pattern suggests a shift in momentum towards the upside, potentially offering entry points for short-term long positions.
Key Points:
Upward Channel Breakout: The price has been trading within a channel defined by two rising lines, one for support and one for resistance. This indicates ongoing buying pressure and potential for further advance. However, a recent break above the upper resistance line signifies a potential shift in momentum towards the upside.
Buy Entry: Consider entering a long position around the current price of 186.60, which is close to the breakout level. This offers an entry point near a potential continuation of the upward move.
Target Levels: Initial bullish targets lie at the resistance levels of 187.48 and 188.17, marking previous resistance zones within the channel.
Stop-Loss: To manage risk, place a stop-loss order below the support line of the broken channel, around 185.85. This helps limit potential losses if the price reverses and breaks back down.
Fundamental Updates : BoE Meeting Minutes: Bank of England (BoE) meeting minutes reveal a hawkish tilt towards raising interest rates sooner than expected, it could strengthen the Pound against the Yen.
Weaker Japanese Yen: The Yen has been weakening recently due to the Bank of Japan's continued loose monetary policy, potentially supporting a rise in GBP/JPY.