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GBP/JPY Hitting the Support With Strong Momentum

By
Nenad Kerkez
Published: Jan 24, 2022, 11:49 GMT+00:00

GBP/JPY should come down towards the W L3 level. The breakout point was the break below 155.24.

GBP/JPY Hitting the Support With Strong Momentum

GBP/JPY Technical Analysis

  • GBP/JPY breakout going towards W L3
  • Downtrend continues until W L3
  • Yen is getting stronger
  • 153.25

H4 CHART GBP/JPY

  1. Flat bottom descending triangle
  2. Breakout
  3. Final target / Bounce zone

Yen is on the move. Strength in Yen translates to Risk off. This is the situation when we have risk off.

1. 100% risk off sentiment

2. Gold up

3. Commodities prices down

4. Equities down

5. Yen strengthens as a result

GBP/JPY should come down towards the W L3 level. The breakout point was the break below 155.24. The price should go towards D L3 153.46 and D L4 152.87. In case of hitting 153.25, there should be profit taking and bulls might move the price higher towards 154.65.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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