GBPJPY chart by TradingView

GBP/JPY

The British Pound (GBP) against the Japanese Yen (JPY) pair denotes how many Yen are needed to purchase one Pound Sterling. GBP/JPY is a pair widely followed by scalpers and forex day traders. Day traders love the wide and volatile swings the pair tends to make on a day by day basis. There is enough liquidity in the pair for scalpers to quickly get into and out of trades. Additionally, forex technical analysis, such as support and resistance trading, tends to work well due to the amount of volume and forex transactions that takes place in the GBPJPY. This volume and liquidity carves technical patterns that shorter term traders closely follow. GBP/JPY is also a widely followed market for the medium term and longer term traders. Since the JPY is historically a low yielding currency, it is often used as a funding currency of a trade. Additionally, with the United Kingdom begin one of the larger economies in Europe, the Pound-Yen pair carry trade can be viewed as a proxy for worldwide economic health. On the other hand, when the markets experience severe risk aversion, this pair has been a proxy for market 'risk-off' moves as the carry trade gets reversed. As a result, GBPJPY has seen strong trends develop that can be in excess of thousands of pips. Due to the volume and liquidity available, retail sentiment can also be useful when trading those trends.


Support & Resistance

GBP/JPY
GBP/JPY Rally Approaching Resistance- Breakout Pending
S1145.00 W R3147.78 S
S2144.00 M R2146.89 M
S3142.50 S R1146.34 W
Trend
down
Volatility
3%

News


GBP/JPY Rally Approaching Resistance- Breakout Pending

Price is approaching downtrend resistance ahead of key Japanese inflation data later this the week. Here are the updated targets & invalidation levels that matter.
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Real Time News


Analyst Picks

Nick Cawley   

Analyst

My Picks: Pending Long GBP/JPY
Expertise: Fundamental/Technical Analysis
Average Time Frame of Trades: One to Several Weeks


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