GBPJPY since the memorable night of January 2/3, when the flash crash on Yen caused a sharp drop to 131.40, has been moving in the growth channel. Last week the pair set a maximum of this year at 148.85 and since then the quotations have been moving to support the channel mentioned. If the support is effectively broken, we can expect further falls to the nearest demand zone of 144.00. In addition to a purely technical look at the charts, at a time when the fate of Brexit is at stake, the pair also requires careful tracking of messages coming from the UK.
The GBPJPY pair has high volatility, often exceeding 100p per day, so it is advisable to reduce the size of the order in order to be able to place SL at a safe distance.
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