JohnKicklighter
Short

GBPJPY Toes the Cliff Edge

FX:GBPJPY   British Pound / Japanese Yen
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6
Like most Yen crosses, the GBPJPY has dove hard these past few weeks - though this is one of the more attractive technical pictures among the group. After marking a strong break of its bull trend, now facing the next major level of support around 169.50. This is a moderate tech floor. Meanwhile spot is the furthers from the 200-day MA since October 2011 - so 'stretched'.

Stretched doesn't mean it has to turn. Extreme is a relative measure. So, does it break or hold? Stretch further or snap back? It may not happen today or even this week, but I think it keeps going.

Comments

I agree it continues down, with the Brexit referendum coming up this year bad data coming out of the UK and Japan looking like its starting to increase inflation its looking like a complete reversal. Would not be surprised if we weren't looking at Sterling at 120 - 130 by the end of the year.
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