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.
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.
