$GBPJPY Pulls Back but Remains in Consolidation
Get DailyForex analysis to your emailTo summarize, the British pound experienced a minor retreat against the Japanese yen despite the Bank of England's interest rate hike.experienced a slight pullback against the Japanese yen during Thursday's trading session, despite the Bank of England's decision to raise interest rates by 25 basis points.However, we are already witnessing a turnaround in the market, indicating that it is only a matter of time before we reach new highs.
This market has been characterized by a "buy on the dip" mentality, which is likely to persist in the future. Ultimately, the market is likely to set its sights on the significant psychological level of ¥170, which will undoubtedly attract considerable attention from traders.Beneath the current price action, there is a hammer formation around the ¥168 level, which serves as a short-term support level that many traders will closely monitor. A break above the ¥171 level would open the possibility of a move towards the recent high of around ¥172.50.
The substantial interest rate differential between Great Britain and Japan is likely to persist if the Bank of Japan maintains its yield curve control policy. To summarize, the British pound experienced a minor retreat against the Japanese yen despite the Bank of England's interest rate hike. However, the market has already shown signs of a rebound, indicating a potential return to new highs. The "buy on the dip" approach remains prevalent in this market, with the ¥170 level serving as a key target.
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