Pound / Yen - Overnight Buying
For those of you who got short GBP/JPY yesterday, make sure you have those stops in place. The overnight flurry of buying took back most of the lost ground from yesterday’s selling. We’re now at a crossroad…either sellers step in to defend the 231.10 area (minor resistance where price started to breakdown yesterday) or they back away giving free reign to the bulls.
The short game is over if price action breaks above the 235.50 area definitively. This could be a bumpy ride for shorts.