GBPJPY - Falling Off a Cliff
So the bears finally won out and crushed this pair mercilessly yesterday and into this morning. The same action played out across most of the other JPY pairs. I noted in my previous post that waiting for the market to choose a direction before doing anything with this pair was the way to go. Now that it broke downward I’m patiently waiting for a bounce before potentially shorting into this action.
This and other JPY pairs are notorious for fast and furious moves so beware and be prepared. Look for a solid bounce on the Daily chart followed by signs of weak buying before timing your entry to short. This could easily be said for any of the other JPY crosses as well so this opens up the potential opportunities for us to lock onto.