GBP/JPY - Bulls or Bears, Who Has It?
For short to intermediate term traders the big question is, is it time to buy/sell GBPJPY? No one seems to have a confident opinion at this point.This uncertainty is playing out on the daily chart as we speak. As expected, the chart doesn’t seem to indicate one way or another which way traders are leaning. The attached chart image points out levels being broken that seem to indicate expanding volatility and illustrates the ongoing confusion traders are experiencing.
As of today it seems that the bears may have the edge. But it’s questionable as to how much committment they have in pushing this pair much further down.
When you see this sort of indecision playing out on the daily chart it’s best to stay away and let the professionals battle it out until one side clearly wins.