Pound bulls finally showing signs of exhaustion. Price actions in the GBP/JPY pair over the past three days strongly suggests that the bulls are weakening in strength, after an impressive rally that has propelled the pai…
Price actions in the GBP/JPY pair over the past three days strongly suggests that the bulls are weakening in strength, after an impressive rally that has propelled the pair to 148 area, after bottoming around 141 area in mid-February.
On Friday, price action formed a Doji candle, which was followed by another Doji; ‘grave-stone’, which is far more bearish, and finally, a bearish engulfing has followed.
However, our medium-term trend calculation model suggests that the pound bulls still remain in charge with Yen struggling against the USD amid a lack of risk aversion demand.
Calculations do suggest that GBP/JPY could rise further towards 152 resistance area, however, current price actions suggest that a correction could be imminent.
Trade idea:
Short-term sell GBP/JPY with a stop loss around 149 and a target of 145.5 area. Currently trading at 147.5 area.
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