GBP/JPY Awaits Catalyst for Next Bullish Impulse

28 sty

The GBP/JPY currency pair is currently fluctuating within a defined range, and we anticipate a continuation of the bullish momentum following a rebound from the demand zone near the 190.000 level. The Commitment of Traders (COT) report indicates that retail traders are positioned on the short side, creating a contrarian buying opportunity. As we plan our buy limit orders, we are utilizing Fibonacci retracement levels to identify potential entry points. We believe that the price may revisit the 192.000 area, setting the stage for a new bullish impulse.

Historical analysis suggests that the GBP/JPY has been trending upwards, driven by a strong British pound and a relatively weak Japanese yen. The pair has faced periods of congestion, particularly in the 190.000 – 192.000 zone, where it has been bouncing back and forth. However, with retail traders short, the market dynamics could shift in favor of buyers.

In conclusion, the GBP/JPY is poised for a potential breakout, and we believe that a continuation of the bullish momentum is likely. As retail traders are positioned on the short side, we see this as a favorable buying opportunity. Our analysis suggests that the price may revisit the 192.000 area, setting the stage for a new bullish impulse.

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31 sty

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