The GBP/JPY pair initially fell during the course of the session on Friday, but turned around to form a bit of a hammer. The hammer of course is a bullish
The GBP/JPY pair initially fell during the course of the session on Friday, but turned around to form a bit of a hammer. The hammer of course is a bullish sign, so we can break out to a fresh, new low, the market could continue to grind its way towards the 163 level, and then perhaps even the 165 level. A break down below the bottom of the hammer would of course be a negative sign, reaching down towards the 158 level given enough time. At this point, the market looks as if the buyers are starting to try to take control.
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.
