My last post on this pair was on 22 Oct and I commented that we needed a break above 150.00 to advance. The pair broke this resistance, but I did not take the trade as looking at the Weekly chart at the time, the pair was moving into a resistance zone on the Weekly chart. I don’t trade the Weekly charts, but always keep an eye on it, especially with a pair such as GBPJPY. I’ve also noticed that the Weekly closed this week with a bearish candlestick formation and of course due to Mr Carney’s comments earlier this week. I will stand aside for now as we might see a further drop and I will watch my Daily charts closely for confirmation of direction for this pair prior to placing trades. I’ve attached the Weekly and Daily charts.
GBPJPY - WEEKLY - 4 NOV
GBPJPY - DAILY - 4 NOV
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