The Bank of Japan is still on its quest to alter its yield curve to its monetary policy target. This is done through the purchasing of 10y Japanese government Bonds. There are uncertainties around the Central Bank’s ability to control the yield curve amid the pressure surrounding an interest rate hike in the Us. An increase in the purchasing of Japanese government bonds by the BoJ is expected as the 10-year bond yields have faced upward pressure from a rise in overseas yields.

Here’s a list of Government Bonds and their yields:
Government Bonds

GbpJpy Daily Chart

Price has been trading within an asymmetrical triangle for the past two months and is near the apex. Market action moving averages are flat and we haven't seen any major moves yet apart from price coming off the top and bottom of the trend lines this month.

GbpJpy H4 Chart

We saw price range between 141.2 and 142.7 last week. It broke through the bottom of the range on friday. It opened at WM2 at 140.000 at the beginning of the week. It is currently at resistance retesting the role reversal. A selling opportunity at WM3.

GbpJpy H1 Chart

I will be looking for a selling opportunity from here on. There's confluence between DR1 and WM3. Also the 141.500 psych is where most institutional traders will be looking to sell. For a more conservative entry, wait for price to break down the immediate support at 141.2 and enter when it retests the role reversal. A head and shoulder reversal pattern will be formed

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