Pound to Yen (GBPJPY) moves in a dynamic downward trend on a daily interval. This is indicated by the lows and peaks in the lower and lower levels.
The downward trend accelerated again this week, where on Monday local support at 133.90 was broken and yesterday the price closed under this year’s minimums. It is worth adding that such price levels were last seen in November 2016, after the presidential elections in the United States.
If new minima are set, traders may be inclined to look for sell opportunities. One of the approaches assumes waiting for a correction in the direction of the new resistance at 133.90. The price action signal can then be used to take a position, if it is formed.
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