News

GBP/JPY longs were the best trade this week

The pound led the way by a longshot

Parliament voting against a no-deal Brexit was a major catalyst for the pound along with hopes that May can find a way to get a deal through. It surged more than 2% against the US dollar and nearly 2.5% against the yen.

Otherwise, the US dollar and yen were generally weaker as commodity prices and currencies rose.

The weekly GBP/JPY chart is an interesting one. This week’s rally merely erases last week’s decline in what’s been a three-week back-and-forth.

GBPJPY

It will take a break above 150.00 to get this pair moving to the upside but beyond that it could be a nice ride up to 155.00.
ForexLive

Articles You May Like

GBPUSD. Neutral. More Bullish. More Bearish levels
Japan’s Suga expects the BOJ to continue with efforts to hit inflation target
USDJPY moves lower and back toward the 200 hour MA
ECB’s Rehn: Central bank should conduct a systematic review of policy strategy
Free Forex Trading Strategies To Download

Leave a Reply

Your email address will not be published. Required fields are marked *