The Yen rally continues to further itself along against most currencies as ‘risk-off’ grips equity markets. Most of the pairs have been trading lower, with GBP/JPY as a holdout due to a strong sterling. However, recent price action suggests that could rollover in-line with the others.
A bear-flag is emerging, but has yet to trigger. Should it trade below the lower trend-line, look for GBP/JPY to drop towards the April 2017 trend-line down near 14600, but if selling gets aggressive a broader decline to sub-14000 looks to be in the cards.
A bear-flag is emerging, but has yet to trigger. Should it trade below the lower trend-line, look for GBP/JPY to drop towards the April 2017 trend-line down near 14600, but if selling gets aggressive a broader decline to sub-14000 looks to be in the cards.