The GBP/JPY pair tried to rally during the day on Thursday, but pulled back to form a shooting star. The candle looks negative, but there should be a lot
The GBP/JPY pair tried to rally during the day on Thursday, but pulled back to form a shooting star. The candle looks negative, but there should be a lot of support below, especially at the 158 level. A break above the shooting star could send this market even higher, perhaps all the way to the 165 level over the longer-term. The market will continue to be volatile, but ultimately we are looking at a market that overall will prefer the upside at this point in time. Position sizes will probably be best kept small.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
