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Bank of Japan maintains careful tone concerning future prices

20.06.2018

Tool: GBPJPY

Position: Buy

(1 ratings, average: 5,00 of 5)

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Deputy Governor of the Bank of Japan Masayoshi Amamiya preserves a careful tone with regards to future prices by making an announcement that the inflation remains dull. He promised to carefully observe the future price dynamics. The Board of Governors of the Bank of Japan believes that businesses and households still ground their measures on the fact that wages and prices are not likely to grow fast. The protocols of the April’s meeting of the bank published today emphasise this. Declining growth pace of the wage plan and prices reduces the level of consumer spendings, which slows the economic growth. The current macroeconomic situation does not signal any possibility of adoption of a more rigid monetary policy and the interest rates increase. Today, at 4:30 PM Moscow time, Governor of the Bank of Japan Haruhiko Kuroda will deliver his speech.

Let’s take a look at the technical analysis of GBP/JPY.

Time H1.

5-wave structure for the purchase has been formed.

We recomend to search for long position’s opening opportunities in the entrypoint under the construction treadline of the wave-structure.

Take-profit is set at 146.83.

Profit target is around 160 points.

Stop loss is fixed at 144.33.

We recomend to start breakeven at the level of 146.43.

It is worth to remind that we open orders only if the price reaches a target point and manages to set under the construction treadline of the bullish structure. If the price fails to be fixed, takes a turn and continues bearish move, we will look for new long position’s opening opportunities for the pair with a target to buy up to 146.83.

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Bank of Japan maintains careful tone concerning future prices

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