GBPJPY on the brink of "catastrophe"

May 12

The currency pair is under double pressure as the British pound weakens due to internal political crises, while the Japanese yen strengthens on expectations of an early interest rate hike by the Bank of Japan and coordinated exchange rate intervention from the US.

The market structure shows that the price is being weighed down by the descending trend line and the Ichimoku cloud. The progressively lower highs confirm that the bears are completely in control and are blocking any recovery attempts by the bulls.

You can consider selling when the price retraces to the resistance zone of 213,500 – 213,700. The expected profit target is 210,600 as planned, with an absolute stop loss if the price breaks above the previous high of 214,500.

May 13

Trade active