GBPJPY: A BET ON THE SAFE HAVEN.
The Japanese Yen is considered a safe haven currency as it tends to hold its value or even increase during periods of risk aversion.
Yesterday, the pound-yen splintered its 4h bullish market structure (Bullish MS: a series of higher highs and higher lows in the markets), plummeting over 0.91%. Being reactive is waiting for prices to retest and fail to break a key resistance zone at 151.90 - 152.00.
For a short swing trade, set target 1 at 150.60 and target 2 at 149.50, stop loss should be 30 - 40 pips above entry level.
Apply proper risk management.
Hope this helps!!
Yesterday, the pound-yen splintered its 4h bullish market structure (Bullish MS: a series of higher highs and higher lows in the markets), plummeting over 0.91%. Being reactive is waiting for prices to retest and fail to break a key resistance zone at 151.90 - 152.00.
For a short swing trade, set target 1 at 150.60 and target 2 at 149.50, stop loss should be 30 - 40 pips above entry level.
Apply proper risk management.
Hope this helps!!
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.