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The strength meter has shown the GBP reversing its strength. Could this offer opportunities against currencies at the bottom of the strength meter like the JPY? In this video we identify the GBPJPY levels to watch.

Watch the video to learn more…

GBPJPY

Fundamental Analysis

The GBP has recovered some of its losses last week today but still looks vulnerable to some downside pressure. Recent news headlines showed that the Prime Minister Rishi Sunak has been in discussions with Chancellor Jeremy Hunt surrounding new tax cuts which should have seen the GBP weaken but was met with buying today. The JPY still remains weak as the Bank of Japan continues to hold super low rates, this could cause the JPY to weaken further however, the strength meter has shown it is moving from the lows. It also showed the GBP has reversed from the highs making it an option for short traders this week. 

GBPJPY

Technical Analysis

Looking at the daily chart we can see that the price has fallen back within the previous medium term range between 167.50 and 160.50. This could be a sign that the price may trade back within this range leading to a move to lows of the range. If so we could look for bearish opportunities if the price fails to break through the range highs again. On the lower time frame the prices need to agree with the bearish bias by forming lower lows and lower highs. Until the lower time frame does this we need to remain out of the market. 

Did you see our Week Ahead Analysis? You can see it here.

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