The GBP/JPY is resting at recent support ahead of tomorrow’s BoJ and FOMC rate updates. Any break below this though might offer a decent 300+ pip move down to the next major layer of support at the previous 129 low. This pair is worth monitoring for any make or break move from its current level that might evolve either before or due to these rate updates.
GBP/JPY weekly: this is a snap shot of the bigger picture on this pair at the moment. I’m watching for either a bounce up off a possible ‘Triple Bottom’ near 129 or for any break below to signal a possible ‘Bear Flag’. #keepinganopenmind:
GBP/JPY 4hr: price action has stalled this week at the 61.8% fib of the recent swing high move and this is just above 132.50 as a decent enough half number level. Thus, watch for any make or break of 132.50; a break below might head 300+ pips down to the previous low near 129 and, if so, this would help shape up the weekly chart’s ‘Triple Bottom’:
GBP/JPY daily: the ‘Triple Bottom’ is quite clear here and I would not be surprised to see the 129 act like a magnet, as S/R levels so often do, and pull price down, even for just a test:
GBP/JPY weekly: the 129 looks quite significant on this time frame:
GBP/JPY monthly: the 129 level is key on this expanded time frame too.
Summary:
- Watch for any make or break of 132.50.
- A break and hold below 132.50 would then bring the 129 level into greater focus as the demarcation for either a major Bear Flag or Triple Bottom.
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