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The UK Prime Minister Boris Johnson resigned which saw the GBP rally, will this continue or will we see a correction? We take a look at GBPJPY and the key zones to watch…
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GBPJPY Analysis
The UK Prime Minister Boris Johnson resigned today after MPs in his constituency began to resign from their positions. This was a show of no confidence in the PM leaving him no choice to resign. This headline news saw the Great British Pound rally against most of its counterparts. The market saw this as a positive move which could suggest a more positive outcome could continue.
The GBPJPY price has recently retested the daily swing lows where price has rallied from previously. This support zone could see the market rally back to key resistance highs. Looking at the daily chart we can see that the price formed a long wick doji at the lows and has been followed by a strong bullish close. These two candles suggest that buyers have stepped back into the market and could be key in identifying further upside opportunities.
If the price was to retest the doji candle and form bullish price action on a lower time frame we could look for opportunities back into key areas of resistance, one of these areas could be the 4hr swing highs around the 164.62 level. This was where sellers entered the market most recently and would be a likely area for the price to retest. This zone could offer short trading opportunities as the market will likely want to create a higher low from this zone if it was going to continue to the upside.
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