workingtraders

$GBPJPY - Loosing its bullish sentiment in the short term.

FX:GBPJPY   British Pound / Japanese Yen
169 2 7
Support at 183.05 has been broken.
This massive correction in GBP appears not be over.
Next level of support 181.54-180.80.(green)
Strong resistance near the 185.00 area. - Double top .

BOJ states no clear end in sight for easing -
"Strengthening monetary easing too much to push up
inflation in short period will threaten economic, price stability. 2 % inflation target a flexible one"
We have a strong drag from euro             zone on GBP. We need to see some solid data to push this pair higher.
Until then this pair will get a neutral outlook
It looks like its oversold to me and that there will first be a retracement.
Reply
Here is an old chart why it came back to this zone before a retracement - (Old Resistance - New Support)
+1 Reply
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