All the way back in 2008, around the Financial Collapse, GBP/JPY posted a massive gap on the monthly chart and here we are, more than 16 years later, and that space on the chart continues to loom large.
The August 2008 close at 198.08 led into the September open at 193.61, and over the past couple of weeks those prices have played a big role in GBP/JPY price action, much as they have since last March when that zone finally came back into play when the gap was finally filled in April of last year.
Last week GBP/JPY had set up an ascending triangle formation, with resistance around the 196.50 area and a progression of higher-lows since April and through May and early-June. Bulls defended 193.61 on a pullback last week, and came back with a vengeance to drive a breakout into this week with that 198.08 level coming back into the picture to set the current highs.
If looking for Yen-weakness, I remain of the mind that this could be a more attractive venue than USD/JPY, further illustrated by the sizable pullback showing in the major pair today compared to the move in GBP/JPY. - js
The August 2008 close at 198.08 led into the September open at 193.61, and over the past couple of weeks those prices have played a big role in GBP/JPY price action, much as they have since last March when that zone finally came back into play when the gap was finally filled in April of last year.
Last week GBP/JPY had set up an ascending triangle formation, with resistance around the 196.50 area and a progression of higher-lows since April and through May and early-June. Bulls defended 193.61 on a pullback last week, and came back with a vengeance to drive a breakout into this week with that 198.08 level coming back into the picture to set the current highs.
If looking for Yen-weakness, I remain of the mind that this could be a more attractive venue than USD/JPY, further illustrated by the sizable pullback showing in the major pair today compared to the move in GBP/JPY. - js
Related publications
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.
Related publications
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.