GPBJPY analysis was requested by a member, I have no bias just simple analysis.
Bullcase: We have rejected key levels of support that extend as far back as 2015, with these levels being respected I anticipate price to continue up towards the level of rejection marked in blue.
Bearcase: 179.729 is a key level of support, if this breaks there is opportunity for price to continue down. The main issue right now revolves around JPY weakness which is the reason for GBPJPY going on such a push to the upside, however, as soon as the BOJ intervene with the Yen I believe that will be the end of the bull-case and sells will be good until roughly 160
Bullcase: We have rejected key levels of support that extend as far back as 2015, with these levels being respected I anticipate price to continue up towards the level of rejection marked in blue.
Bearcase: 179.729 is a key level of support, if this breaks there is opportunity for price to continue down. The main issue right now revolves around JPY weakness which is the reason for GBPJPY going on such a push to the upside, however, as soon as the BOJ intervene with the Yen I believe that will be the end of the bull-case and sells will be good until roughly 160
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.