GbpJpy- Sell on confirmation

2023年5月22日

Since the recent low at 158 at the end of March, GbpJpy has risen almost 1500 pips to a high above 172.
However, starting with May, the pair has entered a range trading phase with resistance at 172.50 and support at 168.
At this moment GbpJpy is trading near resistance and is in a consolidation.
Short-term support lies at 171.50 and a break under this support could lead to further losses and towards to lower boundary of the range.
Aggressive traders could use this break as a signal for opening short trades, keeping in mind that they trade against the trend.