GBPJPY | Perspective for the new week

The GBP/JPY pair witnessed selling pressure around 160 area in the last one week as profit-booking happens. From a technical perspective, I am of the opinion that there are two possible scenarios lining up for us going into the new week as a breakout/retest of either the resistance or support trendline identified on the 4H time frame could send the price in the direction of the breakout or breakdown. However, it is also appropriate we put into consideration that the BOE is expected to announce a bumper rate hike in its June monetary policy which might have a significant impact on price movement.

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Trade active:

135pips in profit and we are waiting to add one more position after a correction

Comment:

With 150pips running in profit; if price retraces into the 160.500, we might be opportune to add position at the sight of a reversal pattern

Comment:

285pips in our direction; we want to lock in some profit