Can GBP/JPY rally a further 55 pips? Find out why here...
Updated
GJ has seen a very strong bullish rally during today's market sessions.
High amounts of volatility came into the market due to the Interest Rates set today by the BOE along with a statement by the governor, which is why there was such big movements in the GBP today.
Price started a rally from support @142.950 and rallied strongly over 100 pips to the upside testing weekly highs @144.000 when the zone was broken which indicates a very strong potential for GJ to continue moving higher, but due to such a big pump in the market earlier moving over 100 pips I expect the market to range or correct a little before continuing further.
GJ is currently sitting in a range in between 144.000 and 144.100 (12 pips), I would like to see a breakout above 144.120 in order for me to be confident in a move further to the upside. If a breakout does happen then there is a high chance for GJ to move towards 144.670 (55 pips).
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High amounts of volatility came into the market due to the Interest Rates set today by the BOE along with a statement by the governor, which is why there was such big movements in the GBP today.
Price started a rally from support @142.950 and rallied strongly over 100 pips to the upside testing weekly highs @144.000 when the zone was broken which indicates a very strong potential for GJ to continue moving higher, but due to such a big pump in the market earlier moving over 100 pips I expect the market to range or correct a little before continuing further.
GJ is currently sitting in a range in between 144.000 and 144.100 (12 pips), I would like to see a breakout above 144.120 in order for me to be confident in a move further to the upside. If a breakout does happen then there is a high chance for GJ to move towards 144.670 (55 pips).
Feel free to like this post if you agree with my analysis!
Be sure to follow me for notifications when I post👍
Trade closed manually
Closed this trade with a profit of 20 pips, GJ had a lot of volume at a common time that usually has low volume. Due to this I exited the trade when I saw a bearish engulfing of the previous bullish candle on the 15 minute timeframe and secured all profits.
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