COTD 06/05 GBPJPY
The Japanese Yen slid against the majority of the Major currencies over the past week or so, the Sunday open last night saw the Yen crosses all gap a significant amount, in the Yens favour.
Today, we’re going to be taking a look at GBPJPY as Sterling has also seen a slide and so has exacerbated the move.
When we last looked at the GBPJPY 2 Hour chart, we mentioned the support level, the orange dashed line, since then we have rallied higher on the back of Cable recovering back above the 1.30 level and then subsequently past 1.31 on the back of the payrolls figure on Friday.
With Yen strengthening over the weekend and opening lower, on the back of President Trump’s threat to impose tariffs on $200 billion worth of Chinese goods, we saw GBPJPY down around 130 pips or -0.93%, as a fresh wave of risk aversion swept the market and saw investors shift into the Yen as a safe haven.
However, despite the plunge in Asian trading, the sentiment for GBPJPY still remains bullish, until the short term trendline is broken.
With the bank Holiday taking place in the UK, markets are a little subdued but this will remain on the radar in the coming week.
GBPJPY
Today, we’re going to be taking a look at GBPJPY as Sterling has also seen a slide and so has exacerbated the move.
When we last looked at the GBPJPY 2 Hour chart, we mentioned the support level, the orange dashed line, since then we have rallied higher on the back of Cable recovering back above the 1.30 level and then subsequently past 1.31 on the back of the payrolls figure on Friday.
With Yen strengthening over the weekend and opening lower, on the back of President Trump’s threat to impose tariffs on $200 billion worth of Chinese goods, we saw GBPJPY down around 130 pips or -0.93%, as a fresh wave of risk aversion swept the market and saw investors shift into the Yen as a safe haven.
However, despite the plunge in Asian trading, the sentiment for GBPJPY still remains bullish, until the short term trendline is broken.
With the bank Holiday taking place in the UK, markets are a little subdued but this will remain on the radar in the coming week.
GBPJPY
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