The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
The GBP/JPY pair has been climbing for five consecutive days, nearing a three-week high as it attempts to recover the 191.00 level. This upward movement is influenced by selling pressure on the Japanese yen, triggered by less hawkish remarks from Bank of Japan Governor Kazuo Ueda during a press conference. Additionally, Japan's interest rates remained unchanged, contrary to expectations. Ueda noted that while prices in the country remain high, the risks of inflation exceeding targets have diminished. This undermines the yen's safe-haven appeal amid bullish global market sentiment.
Meanwhile, the British pound is benefiting from the Bank of England's decision to keep rates unchanged and reduce its holdings of government bonds by another £100 billion over the next 12 months. This decision provides additional momentum to the GBP/JPY pair, supporting its upward trend.
From a technical perspective, the Relative Strength Index (RSI) on the daily chart is gaining positive momentum, reinforcing the outlook for further growth. However, the 50-day Simple Moving Average (SMA) has declined below the 200-day SMA, signaling caution for the bulls. As a result, any further upward movement may encounter strong resistance around the 50-day SMA, currently near the 191.75 level. Beyond that is the psychological level of 192.00, and surpassing this level could push the GBP/JPY pair higher, though it may face resistance at the 200-day SMA around the 192.35 level.
On the other hand, the 190.40–190.35 zone offers immediate support before the key psychological level of 190.00 and horizontal support at 189.45. Further selling pressure could drag the GBP/JPY pair lower toward the 189.00 level, with the potential to reach the swing low of 188.65. Failure to defend these support levels could pave the way for deeper losses, with spot prices potentially accelerating toward the round number of 188.00 and beyond.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।