GBPJPY Monthly charts is showing early signs of an impulsive move upwards, we can try a long with stop under last months pin and aim for a move to the upside, as you can see by the chart, this pair correlates well to the price of Oil, because Japan Imports all its oil, and was actually a reason behind the bombing of Pearl Harbour. Strengthening oil prices due to current world events is leading for serious depreciation in the Yen compared to other major currencies, we are seeing alot of currencies make staggering moves againt the JPY. Buy weakness on lower timeframes to catch some pips also.
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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.