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Market View

GBPJPY activated the Rising Wedge!

Monday, January 29, 2018 7:37 AM GMT

According to Reuters News, Japan's Ministry of Finance (MOF), Bank of Japan (BOJ) and the Financial Services Agency (FSA) will possibly meet today afternoon to discuss financial markets. During Asian’s session, we are expecting major news from Japan, like, Unemployment Rate (Dec) (Previous: 2.7%, Forecast: 2.7%), Large Retailer's Sales (Dec) (Previous: 1.4%, Forecast: -0.6%), Retail Trade s.a (MoM) (Dec) (Previous: 1.9%, Forecast: 0.1%).

On Friday, BOJ’s Governor Kuroda said that medium to long-term inflation prospects was projected to increase while wages were rising. This pushed GBPJPY lower and activated the rising wedge that we have described in our previous post.

It is currently basing on a major support. If price violates this level to the downside, it may give a measured target of 190 pips. The intraday bias is bearish. If price moves above 154.43, then it will negate the bearish outlook.



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