The GBP/JPY pair fell on Monday, but turned around to form a hammer like candle. If we can break above the 140 level, it now looks as if the market will
The GBP/JPY pair fell on Monday, but turned around to form a hammer like candle. If we can break above the 140 level, it now looks as if the market will try to go higher. The British pound has been showing some strength anyway, so it would not surprise me at all to see this market break out. Pullbacks could continue to be buying opportunities, but a breakdown below the 138.50 level would be extraordinarily negative. Expect volatility regardless what happens, and keep in mind that this pair tends to be very sensitive to overall risk.
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.
