Decoding the BoJ's Role: Impact on GBP/JPY Reversal

6 mag 2024

The GBP/JPY experienced a notable turnaround at the 200.500 level following reports indicating potential direct intervention by the Bank of Japan (BoJ) in the foreign exchange (FX) markets. This intervention, suspected to have occurred twice within a two-day span earlier this week, aimed to bolster the beleaguered Japanese Yen (JPY). Disclosure reports from the BoJ revealed a significant overspending on uncategorized financing operations, amounting to approximately 9 trillion Yen. This substantial deviation from expected financial activities strongly suggests the likelihood of direct market intervention in support of the Yen. However, official statements confirming or denying such actions have yet to be issued. Our analysis anticipates a retesting of the aforementioned price zone, followed by a continuation of bearish momentum in the GBP/JPY.

10 mag 2024

Trade attivo

✅ Still Valid for me.