Bullish candlestick formations paved the way towards 161.00 and beyond

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  • GBP/JPY advanced on Friday, recording gains of 0.57%.
  • A positive market mood boosts risk-sensitive currencies such as the British Pound, weighing on safe-haven peers such as the Yen.
  • GBP/JPY Price Forecast: ‘Inverted Hammer’ and a Confluence of ‘Bullish Harami’ Keep Uptrend Intact.

The GBP/JPY breaks three days of losses and jumps losses on Thursday amid a shift from a gloomy to a favorable market mood, despite Rissian’s continued invasion of Ukraine and concerns from market players. market on global inflation. At press time, the GBP/JPY pair is trading at 160.71.

Reflecting the positive market mood, European and US equities are posting gains. Meanwhile, US Treasury yields rise, led by the short end of the yield curve, with 2-year and 5-year Treasury yields rising more than 10-year and 30-year yields, reversing the trend. yield curve for the second time in three days.

Meanwhile, the war between Russia and Ukraine continues for the fifth week in a row. On Thursday, Russian President Putin asserted that natural gas payments in rubles are irreversible and gave European customers a ten-day grace period.

GBP/JPY Price Forecast: Technical Outlook

GBP/JPY jumped from 160.00 and is testing Thursday’s daily high at 160.88, but below that. On Thursday, I noticed a “quasi” tombstone doji forming; instead, an inverted hammer appeared, and it is worth noting that Thursday’s price action formed a bullish harami.

That said, GBP/JPY’s uptrend is still intact, with the price action of the previous days forming a bottom around the 159.00-160.00 area. To the upside, the first GBP/JPY resistance would be 161.00. Break of the latter would expose the March 30 high at 161.36, followed by 162.00

Technical levels

Source: Fx Street

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