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Christopher Lewis
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GBP/JPY

The British pound has gone back and forth against the Japanese yen during the trading session on Friday, as the holiday in the United States would have sapped quite a bit of volume out of the market. That being the case, we need to look at the last couple of sessions for any type of analysis, and the interesting thing is that the Wednesday candlestick was a hammer, followed by a shooting star. This suggests that we may do a little bit of consolidating in this area, but we should also point out that the 50 day EMA is right here also. In other words, there is a lot going on in a noticeably short amount of real estate.

GBP/JPY Video 06.07.20

At this point, the market has made “higher lows” as of late, but it certainly looks as if we are struggling here. Furthermore, this is a risk oriented currency pair, so it is worth paying attention to the overall attitude of traders around the world, and the news flow as it can give us an idea of where this market may go. At this point, if we break above the top of the shooting star from the Thursday session, it is likely we go looking towards the 200 day EMA. On the other hand, if we break down below the candlestick from the Wednesday session, then we more than likely go looking towards the ¥132 level. After all, the confusion shows that we are ready to make some type of move.

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