Today, our free forex signals service trade is a buy order in GBP/JPY. The price will go up if the GBP picks up momentum after the BoE’s rate hike.
The GBP/JPY cross moves sideways in the short term. Breaking the ranging pattern could bring new trading opportunities. It seems undecided, but I hope that we’ll have a clear direction soon.
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Japanese Yen futures rebounded a little, but the bias remains bearish. The further drop could force the Japanese Yen to depreciate versus its rivals. The JPY remains sluggish despite temporary rebounds. Today, the Japanese banks will be closed in observance of Children’s Day. The Tokyo Core CPI could report a 1.8% growth tomorrow, while the Monetary Base may register an 8.2% growth.
BOE Monetary Policy Meeting
Later, the volatility could be huge as the Bank of England released its Official Bank Rate. The interest rate increased from 0.75% to 1.00%, as expected. The MPC members are expected to give a unanimous vote.
The volatility could be huge around this high impact event. The BOE Monetary Policy Report and the Monetary Policy Summary could bring sharp movements.
From the technical point of view, a valid breakout from the current triangle and a new higher high could activate further growth.
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Free forex signals – Buy GBP/JPY at 163.90
Free forex signals entry price and take-profit
Instrument: GBP/JPY
Order Type: BUY STOP
Entry price: 163.90
Stop Loss: 161.56
TP1: 168.37
My Risk: 1%
Risk / Reward Ratio: 1:1.9
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