GBPJPY is looking for long bullish correction

GBPJPY is clearing its way to reach the highest point again after recent gains.

Following are the bullish reasons for this pair.

Certainly! Let's delve into recent news and explore **10 bullish reasons** related to the GBP/JPY currency pair:

1. BoJ's Hawkish Decision: The Bank of Japan (BoJ) recently decided to lift its interest rate from -0.1% to 0%. This move signals confidence in the Japanese economy and could positively impact the GBP/JPY pair.

2. Risk-On Sentiment: Investors are capitalizing on a **risk-on mood**, which tends to favor riskier assets. This sentiment can drive demand for the GBP/JPY pair as traders seek higher returns.

3. Technical Strength: The GBP/JPY pair has been rising swiftly, with the 20-day Exponential Moving Average (EMA) indicating strength in the bullish bias.

4. Steady Momentum: On the hourly chart, there are signs of steady positive momentum, suggesting further upside potential for the pair.

5. UK Economic Data: Keep an eye on upcoming UK economic data releases, such as the Composite and Services PMI. Positive data could reinforce the bullish sentiment for GBP/JPY.

6. Decreasing RSI: While the daily Relative Strength Index (RSI) has decreased, it's essential to monitor whether this indicates a temporary pullback or a more significant reversal.

7. MACD Indicator: The Moving Average Convergence Divergence (MACD) is showing rising red bars, which may signal increased selling pressure. Traders should watch this closely.

8. GBP Strength: The British Pound (GBP) remains a strong currency, and any positive developments related to Brexit or economic recovery could further boost GBP/JPY.

9. Japanese Yen (JPY) Considerations: Keep an eye on JPY-related news, as any developments in Japan's economy or monetary policy could impact the pair.

10. Technical Levels: Key support and resistance levels (such as those provided by pivot points) can guide traders in making informed decisions.


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GBP/JPY exchange rate on April 4, 2024:

Opening Price: 190.666 JPY
Highest Price: 190.772 JPY
Lowest Price: 190.832 JPY
Closing Price: 190.938 JPY
The GBP/JPY pair represents the exchange rate between the British Pound (GBP) and the Japanese Yen (JPY). It’s essential to keep in mind that currency exchange rates can fluctuate due to various factors, including economic data releases, geopolitical events, and market sentiment.

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Trade closed: target reached:

70% target achieved