ShaunGadd02

GBP/JPY Potential 55 Pip Sell Position!

Short
FX:GBPJPY   British Pound / Japanese Yen
TECHNICAL ANALYSIS
Here is another beautiful set up on GBP/JPY for a potential 55 pip move! As you can see GJ had seen a wide range of consolidation last week which was also a very well respected area of resistance identified on the daily timeframe @142.00. On Friday 15th January, GJ finally broke out of consolidation zone to the downside, aggressively down towards a strong area of support also identified on the daily timeframe @140.900 with little sign of any pullback. This indicates to me that sellers are in complete control of the market at the moment with so much selling volume coming into action, there is a very high chance for the market to continue further down if there is a break of the strong support @140.900.

FUNDAMENTAL ANALYSIS
Prior to the strong shorts going on with GJ on Friday, the pair had been raging to the upside despite the lockdown measures in the UK which scare to bring dramatic economic effects on the UK's economy. The selling pressure on the pair seems to be arising with COVID-19 cases still at peak levels along with record breaking deaths recently. Along with COVID-19 scares that are adding pressure to GBP, there is also a No-Deal Brexit trade deal between Europe and the UK.
Trade closed: target reached: TP HIT! This trade has played out beautifully with really high volume coming in this morning. 55 pip target met! Lets GOOO!