GBP initially rallied against the Yen towards the 150 level after this level was rejected a few weeks ago. This level needs to break on a Daily candle close to advance further to the 155 and 160 levels. Politics are playing a role in this pair and causing “noise”. As long as we can stay above 145.00 on a Daily closing basis we can look to buy on dips, but I don’t expect a smooth breakout. It is still in an uptrend, so I suggest you take smaller volume trades, adding to them as the pair moves upwards. A Daily close below 145.00 will keep me on the sideline until the market shows us clearer direction.

GBPJPY - 15 OCT

Source: QUEEN OF POUND

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