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British Pound at Risk of Break Lower versus Yen

British Pound at Risk of Break Lower versus Yen

2014-10-23 14:55:00
David Rodriguez, Head of Product
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British Pound at Risk of Break Lower versus Yen

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GBPJPYViolently choppy price action in the Japanese Yen makes it difficult to establish a lasting trading bias, but a recent build in GBPJPY selling warns that the pair may continue higher.

Trade Implications – GBPJPY:Traders recently turned net-long the Sterling versus the Yen as it traded sharply below ¥177, but as of this morning a wave of selling left the crowd net-short as the pair made a run towards ¥173. It’s early yet, but the sharp shift warns that the GBPJPY could indeed trade to further highs. Congestion near ¥175 looks like a plausible short-term price target.

See next currency section:EURUSD - Euro at Clear Risk of Further Declines

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

British Pound at Risk of Break Lower versus Yen

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