GBPJPY Analysis: Key Levels to Watch for Potential Trend Movements
GBPJPY is currently encountering resistance at the 191.30 level. A breakthrough above this point could indicate a continuation of the uptrend from 185.21, with the next target potentially located around the 193.00 area.
The initial support level stands at 190.20. If this level is breached, it may initiate another descent towards testing the 189.02 support level. Further downside movement could target the 188.00 area.
USDCAD backed off after a brief blip through the key 1.36 level (cited here yesterday) in what turned out to be more of a stop hunt than a new leg up.
The day range is 1.3571-1.3605, anything in between is noise.
A break of the trendline drawn of yesterday’s opening low would be needed to deflect risk on the upside in a market that seems to be on hold ahead of tomorrow’s BoC rate decision.
A look at the day ahead in European and global markets from Kevin Buckland
An underwhelming kick-off to China’s eagerly watched week-long annual parliament, the National People’s Congress, plus a weak Wall Street close overnight kept risk assets on the back foot on Tuesday, with the very notable exception of bitcoin.
– The Dollar Index retreats as market attention shifts to job data and Fed President Powell’s remarks, impacting its trajectory.
– The EUR/USD pair faces a crucial juncture after Euro-zone inflation slightly exceeds expectations, with the ECB’s interest rate decision shaping the currency’s next move.
Tue: US Primary Super Tuesday, Chinese Caixin Services PMI Final (Feb), EZ/UK/US Services and Composite PMI Final (Feb), EZ PPI (Jan), US ISM Services PMI (Feb), South Korean CPI (Feb
With BTC’s halving cycle in April, we may see more funds flowing into the original crypto. Analysts anticipate a crypto market bull run, fueled by BTC’s latest price spike. BTC’s gains may pour into other assets, leading to a market-wide rally. Some analysts have gone as far as to predict BTC hitting the $1 million mark in 2024.
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