GBP/JPY reaches fresh multi year high, what's next?
GBP/JPY has just reached a new multi-year high, with GBP/USD and USD/JPY both gaining strength today. The bullish sentiment is further supported by rising US stock markets.
In the short term, the price has breached a rising wedge pattern, which is usually bearish. However, the bullish breakout indicates the price could reach 208.60 in the coming days. The risk-to-reward ratio remains favorable if today's low of 206.42 is used as the invalidation level. As the European session ends, a correction towards 207 could further enhance the risk-to-reward ratio.
As always, do your own research and proceed with caution. This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
In the short term, the price has breached a rising wedge pattern, which is usually bearish. However, the bullish breakout indicates the price could reach 208.60 in the coming days. The risk-to-reward ratio remains favorable if today's low of 206.42 is used as the invalidation level. As the European session ends, a correction towards 207 could further enhance the risk-to-reward ratio.
As always, do your own research and proceed with caution. This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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.