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GBP/JPY: daily ranging near bullish reversal

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by , 07-21-2018 at 02:50 PM (291 Views)
      
   
GBP/JPY Reverses After Earlier-Quarter Breakout

It's been a big start to the second half of the year for the Japanese Yen. After opening into Q3, Yen weakness showed against a number of currencies, the British Pound included - and this helped GBP/JPY to make another approach at the 150.00 level. But, just as we saw in early-June, resistance came-in on the underside of the 2017 bullish trend-line, and prices promptly reversed. GBP/JPY has dropped every day of this week Monday thru Thursday, bringing to question the possibility of continued upside in the pair.

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This week's pullback in GBP/JPY price action wiped out as much as 50% of the bullish move that started in late-May. The 50% marker of that move started to get tested yesterday, and after a quick breech below earlier this morning, buyers have pushed prices back-above the 146.26 area on the chart.

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