Yen Intervention Causes GBP/JPY Volatility
- Yen Intervention Impact: The GBP/JPY currency pair experienced dramatic fluctuations on Wednesday due to suspected intervention by the Bank of Japan or the Ministry of Finance, plummeting from 214.50 to 212.70 before partially recovering to 212.85, indicating market sensitivity and uncertainty regarding the intervention.
- Chaotic Market Reaction: The intervention triggered a flash crash in GBP/JPY, activating numerous stop-loss orders and causing a significant drop in market liquidity, which widened spreads dramatically, reflecting retail traders' vulnerable responses to sudden events.
- Technical Support Levels: GBP/JPY is currently testing the critical support level at 212.50; a break below this could lead to a further decline towards 211.00, while resistance at 213.50 could signal a potential resumption of the bullish trend, although the intervention has added a layer of uncertainty to the market.
- Trading Strategy Recommendations: Traders should exercise caution given the risk of further intervention, advising to reduce leverage and set wider stop-losses; day traders may seek short-term opportunities within the 212.50 to 213.50 range, while swing traders should wait for clearer market direction.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK). As of , Lorenzo Protocol (BANK) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0253 | 0.0292 | 0.0318 | 0.0357 | 0.0383 | 0.0422 | 0.0448 |
| Fibonacci | 0.0292 | 0.0316 | 0.0332 | 0.0357 | 0.0381 | 0.0397 | 0.0422 |
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