Sterling Vs. Yen. Weekly Analysis Aug 14-18
Updated
Last week we saw GBP/JPY fall flat on its face melting dollar after dollar. A lot of this had to do with the recent strength of the safe haven currency YEN which went up a good amount against USD due to recent issues between Trump and his counterpart from North Korea.
It has since fell down to a nice support zone. We have a confirmed EMA cross on the daily chart so this week we can expect some push up for liquidity to retest the EMA before a further drop either back into the demand zone or to make a lower low into another major demand zone which has been plotted on the chart in the 140.000 area. If we do retest the EMA in a daily supply zone that can give opportunities for fresh selling positions.
It has since fell down to a nice support zone. We have a confirmed EMA cross on the daily chart so this week we can expect some push up for liquidity to retest the EMA before a further drop either back into the demand zone or to make a lower low into another major demand zone which has been plotted on the chart in the 140.000 area. If we do retest the EMA in a daily supply zone that can give opportunities for fresh selling positions.
Note
Perfect call on gbpyen
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