Hello traders, GBP/JPY's uptrend shows no signs of slowing down. As we had predicted in the previous idea, price has broken through the 191 level and currently it has crossed 193 as well.
The uptrend is being fueled by the ultra-low interest rates in Japan which is weighing negatively on the JPY.
That being said, there is a key level at 195.50-196 zone which could offer resistance. Keep in mind that a vast majority of retail traders as shorting GBP/JPY which means price can continue to move up as the market usually moves opposite to what the retail does.
We have not taken any short positions in GJ. We are waiting to see whether price reaches the 195.50 level. In case of bearish price action, we will sell GBPJPY@195.50-196 with Stop loss above 197 and TP at 190, 185.
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We have placed a sell limit@195.50
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Big intraday decline in GJ
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GJ testing hourly support, will sell the rallies in case of a pullback