The price of GBPJPY has been consolidating on the H4 chart which could lead to further downside moves. See the latest GBPJPY levels updated here.
Watch the video to learn more…
The UK budget was released today and the GBP did weaken on the news. It didn’t weaken as much as when Lizz Truss announced her mini budget but we still had some slight selling. If this was to continue we could see GBPJPY trade lower and through to some key levels of support. The GBP was one of the weakest currencies last week according to the strength meter and this could follow through into the end of this week. The JPY strengthened slightly this week after a missile strike hit and killed 2 people in Poland causing some uncertainty in the market.
From the weekly time frame we can see that the price started to trade back within the weekly range below 168.25. This tells us that the price could move back to the other side of the range which is 157.00. Going down to the 4hr time frame we can see that the price is consolidating in a downward trend above the 165.00 handle. If the price was to break the consolidation to the downside we could expect to see a move to the 163.00 lows.
Did you see our EURAUD Analysis? You can see it here.
Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.