GBPJPY: Retracement after steep climb
GBPJPY has had multiple weeks of bullish movement up to the 148.000 resistance level but failed to close above it. This bullish movement was attributed to the government's effort to speed up the distribution of Covid-19 vaccine across the country and Boris Johnson's indication of a cautious easing of lockdowns. The Yen also continues to weaken as optimism and risk appetite rises.The pair is due for retracement and I believe that the 144.5 (S1) and 142.0 (S2) support levels are nice areas for the pair to retrace to. Be cautious, however, as the British pound continues to show strength.
Looking to short the pair down with TP1 at 144.5 and TP2 at 142.0.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.