I posted a follow-up on GBPJPY ON 5 June and that traders should watch the 142.40 level. The pair hovered around that level all week which was a clear sign that this was a level of high interest to the market and the pair broke down from this level with the British election and hit the target at 140.40, ending lower. Of course, this was a risky trade, but once again proves that the market gives direction ahead of events and that is exactly what happened with Brexit as well.

GBPJPY HITS TARGET @140.40

Source: QUEEN OF POUND

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