The GBPJPY had been trading between the 162 and 165 range, due to the USDJPY and GBPUSD trading within their own wide price range.
As discussed in the GBPUSD analysis, the outlook for the UK looks bleak, with price of the GBPUSD trading below 1.20 and further downside expected, the GBPJPY could be taken with it
The aggressive approach would be to look for selling opportunities if price closes below 162. Alternatively a safer trade, would be seek a selling confirmation only if price breaks below 0.61.
Significant volatility is to be expected below 161, with the next key support level at 157.00
As discussed in the GBPUSD analysis, the outlook for the UK looks bleak, with price of the GBPUSD trading below 1.20 and further downside expected, the GBPJPY could be taken with it
The aggressive approach would be to look for selling opportunities if price closes below 162. Alternatively a safer trade, would be seek a selling confirmation only if price breaks below 0.61.
Significant volatility is to be expected below 161, with the next key support level at 157.00
