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.
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GBPJPY chart

GBPJPY chart by TradingView

IGCS: IG Client Sentiment data provided by IG


Last Week
1.45
Current
---
Chg. Open Interest
-1.7%
Outlook
Mixed

Pivot Points data provided by IG

Support & Resistance

GBP/JPY
S1147.04 W R3150.00 S
S2146.25 M R2148.69 M
S3145.00 S R1148.55 W
Trend
down
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Analyst Picks

Tyler Yell, CMT

Tyler Yell, CMT Forex Trading Instructor

My Picks: Bullish GBP/JPY on Break Above Corrective Channel At 147
Expertise: Intermarket Analysis, Technical Analysis, Derivatives
Average Time Frame of Trades: 1-3 Months

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Market Data figures are provided for the trading day.
Symbol Bid Ask Spread
Market Data figures are provided for the trading day.

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