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
H4 CHART EUR/USD
- Flat bottom descending triangle
- 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
3.Commodities prices 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.