GBP/JPY going towards W L3 153.25 is the target

Nenad Kerkez Top-XE

GBP/JPY technical analysis

GBP/JPY breakout going towards W L3.
Downtrend continues until W L3.
Yen is getting stronger.
153.25.

H4 chart GBP/JPY

Flat bottom descending triangle.
Breakout.
Final target/Bounce zone.

Yen is on the move. Strength in Yen translates to Risk off. This is the situation when we have risk off.

1.100% risk off sentiment.

2. Gold up.

3. Commodities prices down.

4. Equities down.

5. Yen strengthens as a result.

GBP/JPY should come down towards the W L3 level. The breakout point was the break below 155.24. The price should go towards D L3 153.46 and D L4 152.87. In case of hitting 153.25, there should be profit taking and bulls might move the price higher towards 154.65.

Author

Nenad Kerkez

Top-XE

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