GBPJPY in range expansion mode
Updated
The pound is performing well in the post-election environment.
Last week's shock Trump win is seen to have put the UK at the front of the queue when it comes to negotiating a trade deal with the US. So whilst the greenback's strength has got much of the limelight, the pound is also showing high levels of relative strength.
In contrast, the yen is weakening rapidly add traders move away from 'safe havens' and add risk to their portfolio's.
Technically the market has broken higher from a period of intense price compression on the daily candle chart. We are now firmly in 'range expansion' mode and momentum is very bullish.
GBP/JPY's hourly candle chart has seen prices retrace back to its emerging trendline and we view this as an attractive buying opportunity.
Last week's shock Trump win is seen to have put the UK at the front of the queue when it comes to negotiating a trade deal with the US. So whilst the greenback's strength has got much of the limelight, the pound is also showing high levels of relative strength.
In contrast, the yen is weakening rapidly add traders move away from 'safe havens' and add risk to their portfolio's.
Technically the market has broken higher from a period of intense price compression on the daily candle chart. We are now firmly in 'range expansion' mode and momentum is very bullish.
GBP/JPY's hourly candle chart has seen prices retrace back to its emerging trendline and we view this as an attractive buying opportunity.
Note
Trade closed manually
Closed at 13447 . Silly, got nervous. exited too earlyNote
Could have closed 136.470 (200 pips later..)
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