British Pound at Risk of Break Lower versus Yen
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Trade Implications – GBPJPY:Choppy price action in the Sterling versus the Yen has made for similarly directionless retail FX trader sentiment—effectively leaving us on the sidelines in the past two months. Yet we’ve seen a shift towards crowd buying as the GBPJPY trades into multi-week lows. Such a change warns that the GBP may trade towards H2, 2014 lows near ¥170.00 through the foreseeable future.
See next currency section:EURUSD - Euro Sets Potentially Significant Low versus US Dollar
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.