GBPJPY came under some huge selling pressure towards the end of the week. We have Theresa May brexit vote this week which last time in January was rejected. Therefore this week I suspect we will see high pound volatility. It will be interesting to see if investors are pricing in a negative vote for Theresa knowing the deal will be rejected therefore selling the £.
I will be interested to see how GBPJPY reacts to 144.00 which is an even psychological number and also lines up with previous market structure, the 61.8% Fib from the recent swing low to swing high and daily 50EMA Moving average. A base built here would provide an opportunity to go long. Short opportunities would be valid upon a break of the ascending TL and to look for a retest. Weekly we still remain bearish until we have created a new high above 149.25, daily we are still creating Higher highs and Higher lows.
I will be interested to see how GBPJPY reacts to 144.00 which is an even psychological number and also lines up with previous market structure, the 61.8% Fib from the recent swing low to swing high and daily 50EMA Moving average. A base built here would provide an opportunity to go long. Short opportunities would be valid upon a break of the ascending TL and to look for a retest. Weekly we still remain bearish until we have created a new high above 149.25, daily we are still creating Higher highs and Higher lows.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.