Gbp/Jpy (At Daily Resistance But Ranging)Gbp/Jpy has been ranging between 2 levels you can see on the chart! You can also see that there is a Triangle Pattern and I put on the blue trend line to show that not only has price stalled out at the level of resistance on the daily chart , but that price did not break the triangle pattern! I Personally believe that Gbp/Jpy will fall from here! Will it break out of the Consolidation?
I think that it actually will! Remember that Next Week we have a lot of news! On Tuesday Feb 18 Here in the United States at 4:30am , The Pound will have a lot of news that most likely will negatively effect that Pound. The Number of Brits "Claiming Unemployment Benefits" is expected to rise from 14.8 thousand people , to 21.7 thousand people! This is a significant change.
The Average Earnings index for the Pound is expected to be lower according to "Forex Factory" ... While other sources I was reading are claiming it to be unchanged! The Employment Change is expected to move from 208k , to 217k which is good , but not a significant number!
So for now I expect the British Pound to be Bearish!
