Today we continue to monitor the GBP / JPY currency pair. At the time of opening of the European trading session, a false breakdown occurred at the technical resistance area of 133.00–133.15 and now the risk of a resumption of the downward movement continues to increase against the backdrop of growing demand for safe haven assets.
The main scenario takes into account the resumption of the downward movement to the target level at 131.75 which is the next strong technical support level and previously kept the pair from developing a more powerful decline.
The alternative scenario takes into account a return of the pair above 133.30, thereby increasing the likelihood of testing a stronger resistance area of 133.80–134.00.
The growth of the pair at the time of the opening of European markets was due to the publication of a report on retail sales from Britain. But buying activity around the area of 133.00–133.15 remains very weak, thereby increasing the risk of a further decline to 131.75 and further on to 130.70.
The above review is not a direct guide to action, but carries an exclusively recommendatory nature.
|By clicking "Continue" you will be redirected to the website operated by FIBO Group Holdings Limited, a company registered in Cyprus and regulated by CySEC. Please familiarize yourself with the Terms of Business through the link. Click "Cancel" to remain on this page.|