FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
45,301,044Confirmed
1,185,629Deaths
32,964,868Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
GBP/JPY

The British pound is relatively quiet most of the week, even against the Japanese yen. With that in mind, it should not be a huge surprise that we are still sitting just above the 132 young level. Ultimately, I think that this market will eventually make a move, but ¥132 seems to be rather important. The 50 day EMA above will cause quite a bit of resistance, so at this point I think I have a range that I can trade from.

If we can break above the 50 day EMA then it is likely that this pair goes looking towards the ¥135 level. That area being broken to the upside would of course be very bullish and could send this market much, much higher. To the downside, we can obviously pay attention to the ¥132 level, and a breakdown below their opens up the possibility of a move to the ¥129 level.

GBP/JPY Video 29.06.20

At this point, the market is likely to see a lot of choppiness on short-term charts, but I think that by the time we get into next week, there might be some news over the weekend or just general momentum to move this pair in one direction or the other. This is a market that is overly sensitive to risk appetite so keep that in mind. Overall, this is a market that I think is going to continue to react to a lot of headline noise, which there are plenty of possibilities out there that could cause major issues. Looking at this chart, I will need to see a relatively impulsive candlestick on the daily chart to put money to work.

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

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US