GBPJPY currency pair did not survive the onslaught of a strong Yen

  • Jul 08 2021
  • by
  • Analyst AZA
GBPJPY currency pair did not survive the onslaught of a strong Yen

GBPJPY currency pair did not survive the onslaught of a strong Yen

The GBPJPY currency pair was in a downtrend, but after the news was released, it could not withstand the onslaught of the strong Yen and the price fell. If you look at other currency pairs that are traded with the Japanese Yen, you will see that the Yen is strong and moves the market strongly. Even those pairs that were in a sideways movement started moving and lost their positions. In this case, the price was able to break through the nearest support level of 151.30 and consolidated below. The MACD indicator is below the zero level, the price is below the 200 average simple, which indicates to us further development of the downtrend. We recommend opening a short position slightly lower at 151.10 and placing a Take Profit order at an even level of 150.00. Considering that the main support will be even lower at 149.50, our trade may well be profitable.

Symbol: GBPJPY
Order Type: Pending Order - Sell Stop
Entry Price at 151.10
Take Profit at 150.00
Pips Earning: 110

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The profit can be $1047.62 if the trading volume of 100000 GBP (1 Lot).

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