The GBPJPY price is approaching major resistance. Could we see a short term reversal here?
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The GBPJPY price is back at a major resistance zone where we could see a reversal form. GBP has recently lost strength in the market after the Bank of England disappointed investors by not hiking rates aggressively. The JPY remains weak however we have seen glimpses of strength as the stock market continues to fall.
The weekly chart shows the price has been finding resistance at the major highs, when the price was here last time we saw a less aggressive sell off in the market which means the sellers are less likely to push price too far. Instead we may only see a minor rejection, but this could still offer an opportunity. If the price reaches the key zone we can look for bearish price action to form to look at a short trading idea.
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