GBP/JPY eyes retest of YTD high
Updated
Whilst USD/JPY remains range-bound within a tight range just beneath 150, GBP/JPY appears to be making a break higher.
The daily chart remains in a strong uptrend and momentum has recently realigned with that trend. Prices have teased the retracement line ahead of the UK open, so we're either looking for prices to break above the prior swing at 138.82 high or pull back towards 182 to buy the dip, in anticipation of a break higher.
The daily chart remains in a strong uptrend and momentum has recently realigned with that trend. Prices have teased the retracement line ahead of the UK open, so we're either looking for prices to break above the prior swing at 138.82 high or pull back towards 182 to buy the dip, in anticipation of a break higher.
Trade closed manually
GBP/JPY saw a deeper retracement than we'd have liked, although did hold above the 180 handle before momentum took it sharply higher. With a small shooting star at the highs below resistance, happy to call it a day for now.
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