2000 pip potential to the upside. Current price 133.603.

GBPJPY Daily Aug 2016

Source: GD

3 thoughts on “GBPJPY Daily Bounce Off Support August 2016”

  1. Miles says:

    Thanks George. What makes you so bullish on GBPJPY, GBP strength or JPY weakness?

    1. George Deprez says:

      Hey Mike … thanks for asking.

      We have a double bottom at support with daily price poking itself above the 15 EMA.

      Couple this with recent USDJPY double bottom on the daily indicating that Yen strength will undergo some weakening in the coming days.

      Couple this with recent double bottom after Brexit on GBPUSD and subsequent attempts for this pair to move back up.

      So, to answer your question both GBP strength and JPY weakness coupled with the technical’s of the chart itself.

      1. Miles says:

        Thank you George for your smart notes!
        You’re right daily double bottom is poking above 21EMA as well, and I’m also expecting some JPY weakness.
        I’m only a bit concerned with GBP which I can’t see much of a strong currency as USD has been instead, like in USDJPY you mentioned, but let’s see how it will perform next week!

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