GBP/JPY Sell idea from the resistance Level
GBPJPY's strong uptrend has run into a roadblock recently. The level of 190
is proving to be a hard nut to crack for the GJ bulls.
Technically, the price has reached the top of the price channel in the GBP/JPY daily
chart. Fundamentally, with the interest rates in Japan being so low compared to
Britain, the Japanese Yen is inherently weak against the British Pound. So, this needs
to be kept in mind too.
That being said, if there is bearishness around the 190 level, there is potential
to sell GJ@189.50-190 with Stop Loss above 190 and TPs at 187.185 and 181 respectively.
is proving to be a hard nut to crack for the GJ bulls.
Technically, the price has reached the top of the price channel in the GBP/JPY daily
chart. Fundamentally, with the interest rates in Japan being so low compared to
Britain, the Japanese Yen is inherently weak against the British Pound. So, this needs
to be kept in mind too.
That being said, if there is bearishness around the 190 level, there is potential
to sell GJ@189.50-190 with Stop Loss above 190 and TPs at 187.185 and 181 respectively.