- According to the GBPJPY analysis we gave the previous day, the GBPJPY SELL SIDE WAVE was moving very well in the previous days. The reason for that was FUNDAMENTALLY STRONG JP10Y STRONG JPY STRONG causing GBP WEAK. And because the MARKET SENTIMENT is STRONG. XXXJPY has been selling very fast since last week.
- JPY has become somewhat STRONG as VIX is slightly UP. Due to this, STOCKS and XXXJPY CURRENCY were slightly SELL. GBPJPY also SELL because of that. But now there is a bit of RISK ON BIAS. Therefore, GJ can be BUY in the future.
- Currently, GBPJPY LONG TERM can move up to the LEVEL of 171.000. Also, according to the GBPJPY STRUCTURE, before BUY, you can move up to the 161.60 SUPPORT LEVEL to the RESISTANCE LEVEL.
Therefore, attention should be paid to MARKET UPDATES and MARKET SENTIMENT. Currently, the MARKET is somewhat RISK ON. Therefore, XXXJPY will be a BUY in the future. Therefore, pay attention to the CURRENT MARKET SENTIMENT.
GBP is on a holiday tomorrow. What do you think about trading when one side of the pair in on a holiday, is there a lesser chance of momentum on a holiday?