The GBP/JPY pair fell during the week, and then turned around to form a bit of a hammer. If we can break above the top of the week, I think the market
The GBP/JPY pair fell during the week, and then turned around to form a bit of a hammer. If we can break above the top of the week, I think the market could be free to go higher. The 50% Fibonacci retracement level below could be supportive, so I think it’s only a matter of time before we rally. Alternately, if we break down below there, I think the market then goes to the 134 handle. Longer-term, I think the market will rally and go reaching towards the 148 level again.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
