Pound / Yen - Buyers Losing Steam Yet?
Following through on my previous post. The GBP/JPY bounce now seems to be weakening and the sellers are trying to come in and see what kind of damage they can cause to the downside.
The Daily chart still indicates downside momentum and the 4-hr chart is now showing buyers failing for the first time to come in. I’d be more confident with shorting if the pair holds at or below the 230.80 area come Noon New York time. If it fails to do this we may see buyers come back in supporting the pair near-term.
Keep in mind, relative to the other JPY pairs this one seems stronger. It won’t go down without putting up a good fight first.