GBP/JPY Surges Past 20-Day SMA Amid Anticipated BoJ Dovishness

2023年7月22日

The GBP/JPY pair remains bullish in the short-term perspective as shown by the daily chart. The Relative Strength Index (RSI) has surged past the midpoint, indicating a bullish tilt, and the Moving Average Convergence Divergence (MACD) records subtle red bars, signaling an ebbing selling pressure. The pair is strongly positioned above the 100-day and 200-day SMAs, suggesting that the bulls are in command. Moreover, the dovish bets on the Bank of Japan (BoJ) before next week’s meeting, as well as the strong UK Retail Sales figures, are providing more traction for the bullish sentiment.

Place a buy order at 182.60, aiming for a take profit level at 184.00, while keeping a stop loss at 180.00. This plan is based on the current bullish trend, and it is subject to change if major news or market events affect GBP/JPY.

TRADE IDEA DETAILS
CURRENCY PAIR: GBP/JPY
CURRENT TREND: Bullish
TRADE SIGNAL: Buy Signal
👉ENTRY PRICE: 182.60
✅TAKE PROFIT: 184.00
❌STOP LOSS: 180.00

This trade setup provides an opportunity to benefit from the ongoing bullish sentiment on the GBP/JPY pair. However, as with all trading activities, it's crucial to use risk management techniques and not to invest more than you can afford to lose.