GBPJPY Trading Analysis on dated 06-03-2023

157

GBPJPY is the currency pair that represents the exchange rate between the British pound and the Japanese yen. Trading GBPJPY involves buying and selling this currency pair in the foreign exchange market with the aim of making a profit.

 

There are various trading strategies that can be applied when trading GBPJPY, and the choice of strategy will depend on your trading goals, risk tolerance, and market conditions. Here are a few strategies you can consider:

 

  • Technical analysis:

This involves analyzing price charts and identifying trends, support and resistance levels, and other indicators to predict future price movements. This can help you determine entry and exit points for your trades.

 

  • Fundamental analysis:

This involves analyzing economic, political, and social factors that may affect the value of the GBP and JPY. This can help you understand the long-term trends and make informed trading decisions.

 

  • Carry trading:

This involves buying a currency with a high interest rate (in this case, the GBP) and selling a currency with a low interest rate (the JPY). This strategy relies on earning the interest rate differential between the two currencies.

 

It’s important to note that trading GBPJPY, like any other financial instrument, carries risks. You should have a solid understanding of the market, use risk management strategies, and have a trading plan in place before placing any trades. Additionally, consider seeking the guidance of a financial advisor or professional trader. Today’s overview-

 

  • Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
  • This is positive for sentiment and the uptrend has potential to return.
  • Levels close to the 61.8% pullback level of 163.03 found buyers.
  • The hourly chart technical suggest further downside before the uptrend returns.
  • Further upside is expected although we prefer to buy into dips close to the 163.00 level.

Recommendation: Buy/Buy Limit @ 163.000       Take Profit: 165.500

Related Post:
Gold Trading analysis on dated 06-03-2023
EURNZD Trading Analysis on Dated 07-03-2023