Gj
GO GJ! That's my GJGbpJpy has been in a slump lately. it just recently tried to re-establish the overall bullish sentiment/structure it's been in for a while but i dont like the way it has/is rejecting the previous consolidation zone. in my book that normally means it's time to short! & that's exactly what i'll be doing!
GBPJPY ANALYSIS FOR JUNE 2022FX:GBPJPY
The monthly chart shows that British Pound very probably will increase in value against the Japanese Yen. As we can see in May the price consolidated and closed above the resistance. In June we can expect the candle to form a bottom wick and continue to go up to fill the wick of April, once it exceeds April's high, it has a free traffic until 172.600.
Another possible scenario is a pure consolidation of the price around that zone. It may drug up and down without decisive direction for a whole summer. However, one a big scale it is very improbabile it will break the bullish trend.
GJ- The Dragon.GBPJPY Monthly charts is showing early signs of an impulsive move upwards, we can try a long with stop under last months pin and aim for a move to the upside, as you can see by the chart, this pair correlates well to the price of Oil, because Japan Imports all its oil, and was actually a reason behind the bombing of Pearl Harbour. Strengthening oil prices due to current world events is leading for serious depreciation in the Yen compared to other major currencies, we are seeing alot of currencies make staggering moves againt the JPY. Buy weakness on lower timeframes to catch some pips also.