OANDA:GBPJPY   British Pound / Japanese Yen
Hi Guys,

Been a while since I published anything, as ever this is not trade advice and I don't recommend you take any of my trade ideas. Recently Pound Yen has been in a decent uptrend and has broken and closed above previous support turned resistance.

In the long term I think we can see the Pound rally to above the 160 level and continue to move higher in 2018. There wasn't too much support/resistance on the way down because of the Brexit shock and a huge sell off in the Pound across all currencies.

If news on Brexit remains positive (Theresa May giving in is positive, and Brussels have been generally concillatory) then the Pound will rally across many pairs and continue to move higher. The 'Dovish' hike may also turn out to be less dovish and if inflation remains higher then the BoE will be required to raise rates more quickly than indicated in the press conferences at the tail end of last year.

Good luck guys and note this is a long term chart so it needs weeks and months to develop.

I look forward to having a look in a couple of weeks.
Comment: I did not take this set up however i would exit all JPY shorts due to stock market correction and money flow going back to Japan.
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