FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
42,838,516Confirmed
1,153,176Deaths
31,594,553Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
GBP/JPY

The British pound initially rallied against the Japanese yen during the week, showing more of a “risk on” type of attitude. At this point, the market will continue to see a lot of concern out there when it comes to the geopolitical situation, as the coronavirus issue also has taken front and center stage. As infection rates continue to spite, and US/China tensions are rising a bit, there are lots of reasons to think that perhaps the overall risk appetite of the market is going to be suspect at best. With that being said, you should keep in mind that this pair does tend to be somewhat sensitive to the risk appetite of global markets.

GBP/JPY Video 29.06.20

Looking at the shape of this candlestick, I believe that the ¥132 level continues to be supportive and therefore if we were to break down below the candlestick, it is likely that we go looking towards the ¥129 level. That is an area that has been supportive more than once in the past, so it is worth paying attention to. The trading action will continue to be sloppy overall so I prefer to short this market from shorter time frames, unless of course we turn around a break above the ¥135 level which would be a relatively bullish sign on the longer-term chart. I think the only thing you can count on in this market right now is going to be a lot of confusion and noise, so make sure that you trade a relatively small position as headlines will continue to play havoc with price action.

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