Tuesday, May 26, 2015

GBPJPY Sell Recommendation May 27th 2015

Currency Pair: GBPJPY
Timeframe: Hourly Chart (H4)
Recommendation: Sell GBPJPY @ 189.400
Take Profit @ 181.400
Stop Loss @ 192.000


The release of the minutes from the last Bank of Japan meeting did damage to the Japanese Yen despite a cautionary tone. This suggests to me that upward potential in this currency pair is very limited and that we could be on the verge of a price action reversal which is why I have taken a short position in the GBPJPY.

I think we could see some sideways trading inside of its resistance level, but that the risk is definitely to the downside. Should we breach 190.000 I will add to my short position. I think the sell-off will come on the back of weakness in the British Pound rather than strength in the Japanese Yen.

 PaxForex

2 comments:

Nathing news , really damage yen 2012 to stile now continue down yen, becairful don't buy yen damage it.

You are referring to an even from 2012 while the analysis here is on the H4 chart which do not really go together. What happened in 2012 has not relevance to the chart above. While the JPY has been weakening, I see some short-term headwinds in the GBPJPY.

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