GBPJPY Approaching Weekly Support

18 thg 2, 2018

After a relatively slow week for the GBP/JPY currency pair, we are now approaching very strong weekly support. The week before last had seen price rapidly decline over 600 pips only to seen a flurry of Daily candle rejections, but still not signs of bulls yet. Due to price being so near to major support, I would refrain from any short positions for the time being although I do see price reaching 147.50 with a possible bounce towards 150/151. The trade plan for this week is to wait until price reaches our 147.50 weekly support, and watch closely for Daily rejections as a sign to go long. Overall this pair is bearish long term and I do see 147.50 being broken eventually, whether it be this month or sometime in March.