Where next for GBP/JPY?
The GBP/JPY used to be known as the Beast of Forex as this was a pair that frequently moved 200 to 300 pips in a day in either direction. For the last 4 weeks this pair has been the Lamb of Forex. 4 weekly doji indecision candles have formed in the last 4 weeks and price has gone from 140.04 to 139.65 - a mere 38 pip move. Even the surprise hawkish note emanating from the MPC failed to shake GBP/USD out of its torpor. The flag formation that this pair is held in remains and a sustained break either side will be significant. The look of the DTF is BULLISH and the TDI is quite BULLISH on this time frame. Above 140.52 strengthens this view.
Trade idea
BUY at 138.96
SELL at 140.59 (this area is particularly strong resistance).
Trade idea
BUY at 138.96
SELL at 140.59 (this area is particularly strong resistance).
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