This is despite Rissian’s continued invasion of Ukraine and market participants’ concerns about global inflation. The GBP/JPY trades at 160.71 as of press time.
The positive mood in the market is reflected by gains in US and European equities. The short-end yield curve is driving the US Treasury yields to surge. 2s and 5s rose more than the 30s and 10s, inverting it for the second consecutive day.
The Russia-Ukraine conflict continues for the fifth consecutive week. Russian President Putin declared that natural gas payments in rubles are irreversible, and offered ten days grace to European customers.
GBP/JPY Forecast: Technical outlook
GBP/JPY rose above the 160.00 mark, testing Thursday’s daily high of 160.88 but not quite there. I noticed that “a” “quasi gravestone doji was forming on Thursday. Instead, an inverted Hammer appeared. It is worth noting, however, that Thursday’s price action formed bullish harami.
However, the GBP/JPY is still in an uptrend and the price action of the previous days formed a bottom at the 159.00-160.00 zone. The GBP/JPY’s first resistance would be 161.00. Brute of this would expose March 30, high at 161.36, and then 162.00.
