Our free forex signals service today looks at the GBP/JPY and we have the entry, stop and take profits levels for you.
During Monday’s sluggish Asian session, the GBP/JPY pair rallied around an intraday high of 151.26. Despite the optimism of Fed Chairman Jerome Powell, the lack of key data and events and the absence of the UK are limiting the currency pair’s immediate uptrend. Traders are also concerned with the Coronavirus and geopolitical concerns.
According to Japan’s Kyodo News, Health Minister Norihisa Tamura stated, “Given the current situation, it will probably be very difficult to reverse the emergency declaration in 21 of Japan’s 47 prefectures.” The current emergency expires on September 12th.
Sky News, however, reports that the UK has recorded 33,196 new cases of Coronavirus and 61 deaths over the past 24 hours. Comparatively, the number of cases and deaths reported Saturday was 32,401, while 51,914 new cases were reported this time last week.
Rumors that the number of Covid cases in England is 26 times higher than last year reflect concerns about the virus in the UK as the UK prepares to vaccinate children aged 12 to 15.
In addition, City AM citing a Tide study on e-money platforms that indicates the UK is the easiest country to set up a business in Europe. The UK could be gearing up to become the world leader in hydrogen technology as well.
Furthermore, Fed Chairman Powell’s accommodative response to rejuvenation and Hurricane Ida exacerbates the Sino-US conflict and the nervousness emanating from the Middle East, thus creating mixed moods.
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GBP/JPY free forex signals
Instrument: GBP/JPY
Order Type: BUY STOP
Entry price: 151.66
Stop Loss: 150.42
TP1: 153.40
Our Risk Setting: 1%
Risk / Reward Ratio: 1:1.4
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Saqib Iqbal
