Not a fan of cross currency pairs but GBP/JPY
is one of the more popular ones and correlates well with USD/JPY
. The strong uptrend where GBP was rising and JPY was falling came to an end with the confirmation of new lower highs and lower lows being created. Sterling has recently lost some of its strength after being rejected at major resistance also fundamentals and issues with the countries safety after a terrorist attack (shame) caused the currency to lose value and JPY to rise (safe haven). Currently we're still trading in a downtrend making LL and LH, but there are a few channels that we could trade into soon. Depending on price action we will continue moving down in the current channel (or falling below it) or we can break the current channel and start making HH, HL moving up into the upper channel and above. Flexibility, patience and price action signals/patterns will be the key for how this one plays out.