GBP/JPY Hitting the Support with Strong Momentum

GBP/JPY Hitting the Support with Strong Momentum

GBP/JPY Technical Analysis

  • GBP/JPY breakout going towards W L3
  • Downtrend continues until W L3
  • Yen is getting stronger
  • 153.25

H4 CHART EUR/USD

  1. Flat bottom descending triangle
  2. Breakout
  3. Final target / Bounce zone

Yen is on the move. Strength in Yen translates to Risk off. This is the situation when we have risk off.

1.100% risk off sentiment

2.Gold up

3.Commodities prices down

4.Equities down

5.Yen strengthens as a result

GBP/JPY should come down towards the W L3 level. The breakout point was the break below 155.24. The price should go towards D L3 153.46 and D L4 152.87. In case of hitting 153.25, there should be profit taking and bulls might move the price higher towards 154.65.