The GBPJPY price could retest the range highs as the Bank of England looks to hike rates. Could this offer long opportunities in the short term?
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The GBPJPY price could continue to move higher towards the range highs as the JPY weakness dominates the market. The JPY strength didn’t last long in the markets despite the conflict between Ukraine and Russia. The Bank of England is set to hike interest rates by 0.25% tomorrow and could hike further still, if they do announce further hikes to come we could see the GBP rebound. The strength meter showed that the GBP was the weakest currency but in a reversal zone which meant we could look for longs against weaker currencies.
The weekly chart shows the price in a long term range and with this current bullish move the price looks likely to retest the major highs. The 4hr time frame shows how the price has reacted to the minor demand zones as the price makes higher highs and higher lows. If the price retests the recent demand zone that has formed and price forms bullish price action we could look for long opportunities.
Do you trade EURAUD? see our previous analysis on the currency pair here.
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