Weekly update for my monthly GBPJPY analysis.
We can clearly see that the market is respecting quite well the downwards channel that has created.
We can see a small pull up on Monday market opening and then continuation downwards.
On Tuesday we may see some volatility due to BOJ interest rate and monetary statement and some other UK data but the market shall reject to any upwards spikes and continue to go down following Wednesday, Thursday etc.
Target of the week is 130 to 131. If it hits I will move my stops at 132 potentially and see if we can ride this down to 128.
If we get bad news regarding Brexit we may even see a bigger drop towards 117 120 in the next 2 months by end of August. We have to wait and see what happens.
This is just for educational purposes only.
We can clearly see that the market is respecting quite well the downwards channel that has created.
We can see a small pull up on Monday market opening and then continuation downwards.
On Tuesday we may see some volatility due to BOJ interest rate and monetary statement and some other UK data but the market shall reject to any upwards spikes and continue to go down following Wednesday, Thursday etc.
Target of the week is 130 to 131. If it hits I will move my stops at 132 potentially and see if we can ride this down to 128.
If we get bad news regarding Brexit we may even see a bigger drop towards 117 120 in the next 2 months by end of August. We have to wait and see what happens.
This is just for educational purposes only.