Wednesday, June 1, 2016

GBP/JPY Sharp Drop

GBP/JPY dropped with more than 600 pips in just two days. Yesterday the pair reached the high of 163.90 and since then it's been a downhill for the Yen. GBP/JPY reached a low of 157.33 and is now trading at 157.77.

Main trend on the short-term remains bearish with a few supports broken. Next bear target is seen at the level of 157. If this level is broken then we could expect the pair to reach prior low of 155.70.

On the other hand, a correction could be expected that would take the pair to 158.40 and then 160.

Chart: GBP/JPY H4


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8 comments:

  1. UnknownJune 1, 2016 at 7:39 PM

    I completely agree with your analysis.

    ReplyDelete
  2. UnknownJune 1, 2016 at 11:44 PM

    Thank you for sharing! Helpful analysis!

    ReplyDelete
  3. UnknownJune 2, 2016 at 5:10 AM

    A good post with good insights into the situation.

    ReplyDelete
  4. UnknownJune 2, 2016 at 11:07 AM

    Strong Yen is dragging down all major currency's

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  5. UnknownJune 2, 2016 at 1:39 PM

    I'm waiting for a pull back to make my short entry.

    ReplyDelete
  6. UnknownJune 2, 2016 at 3:30 PM

    Very accurate analysis!

    ReplyDelete
  7. UnknownJune 2, 2016 at 6:27 PM

    It might fall all the way to 154.30.

    ReplyDelete
  8. UnknownJune 6, 2016 at 2:01 AM

    There could be correction movement.

    ReplyDelete

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