FOREXCOM:GBPJPY   British Pound / Japanese Yen
We may see GJ sell off as the price violated a key structural point marked by the hammer. Upon retracement, we see GJ rampages above the engineered equal highs marked by the blue check mark and smacks a small FVG - hiding a 4H OB -. We do have a minor bit of gap risk above us but the violation of that key low that started the rally that made the recent highest high leaves us with a hint of what is yet to come. My only issue with this is the weakness of the yen and the BOJ unwillingness to raise interest rates - this doesn't leave me with a lot of faith backing the JPY yen so our only possible catalyst for this to come true is one of two things 1. turmoil in Britain causing the sterling to weaken 2. risk-off sentiment in the market and the later of the two choices can be compound by turmoil in Britain. With the death of the queen, we are in a space where fiscal and monetary reform is possible. Prepare the boat for some choppy seas.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.