The British pound spiked against the Japanese yen last week, stretching almost all the way to the ¥165 level. At that point, the market then turned around to fall rather significantly and formed a massive shooting star. The shooting star has pierced the top of the Bollinger Band indicator, and therefore it would not be a huge surprise to see this market pull back toward the middle part of the band, near the ¥155 level.
Keep in mind that the pair is highly sensitive to the risk appetite of markets, as the Japanese yen is considered to be a “safer currency” to hold in times of turbulence. We have plenty of it out there.
Keep in mind that the pair is highly sensitive to the risk appetite of markets, as the Japanese yen is considered to be a “safer currency” to hold in times of turbulence. We have plenty of it out there.