GBP/JPY

Special Reports - 06/06/2023

06 June, 2023

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

GBP/JPY weekly special report based On 1.00 Lot Calculation:

· JAPAN'S MINISTRY OF FINANCE INTERVENTION ON FX MARKET: According to CNBC, the Japan’s Ministry of finance is considering intervening in the FX market in order to strengthen its currency. In 2022, during September, Japan’s Ministry of finance intervened three times in order to raise the value of the Japanese Yen.

· EVENT (FRIDAY, JUNE 16): BANK OF JAPAN INTEREST RATE DECISION, Bank of Japan is among few central banks who still keeps negative interest rates. Current BoJ benchmark interest rate is -0.10%. In an upcoming meeting, it is possible that policy makers announce next steps in its monetary policy.

· EVENT (THURSDAY , JUNE 22, 12:00 GMT+1): BANK OF ENGLAND INTEREST RATE DECISION, Current Bank of England benchmark interest rate stands at 4.50%. According to polls conducted by Reuters, the interest rate peak is expected at 5% by the end of the third quarter of 2023.

·TECHNICAL ANALYSIS: Stochastic oscillator on daily graph suggest that this currency pair is in overbought territory, after testing its highest rate since 2016, which could suggest that downward price correction is possible.

GBPJPY, June 6, 2023
Current Price:173.0000

GBP/JPY	Weekly
Trend direction	DOWN
Resistance 3	179.0000
Resistance 2	177.0000
Resistance 1	175.0000
Support 1	170.0000
Support 2	168.0000
Support 3	166.0000

Example of calculation base on weekly trend direction for 1.00 Lot¹

Pivot Points	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss in $	-4,310	-2,873	-1,437	2,155	3,592	5,028
Profit or loss in €²	-4,026	-2,684	-1,342	2,013	3,355	4,697
Profit or loss in £²	-3,469	-2,312	-1,156	1,734	2,891	4,047
Profit or loss in C$²	-5,780	-3,854	-1,927	2,890	4,817	6,744

1. 1.00 lot is equivalent of 100.000 units
2. Calculations for exchange rate used as of 09:09 (GMT+1) 06/06/2023
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient Manager regarding their use.

You may wish to consider closing your position in profit, even if it is lower than suggested one
Trailing stop technique can protect the profit – Ask your Senior Account ManagerClient Manager for more details

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