Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
GBP/JPY: 'Flag' pushing price higher
Information is not investment advice
The price has been rising since the last 'V-Bottom' formed, so all the Moving Averages turned out to be broken. Also, there's a bullish 'Flag', which is pushing the price higher. The main intraday target is the next resistance at 147.57. If a pullback from this level happens little later on, there'll be time for a downward correction, so we should watch the nearest support at 144.88 as a bearish target.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.