GBP/JPY Stalls And Looking To Correct

Anna Coulling • Mar 4, 2019 at 12:43 PM EST

Downside price objective first comes in at 147.03, then at 146.63. To the upside 147.30 is first resistance.

VPA principles at work on the daily chart for the GBP/JPY with last Thursday’s and Friday’s candles of small doji & shooting star respectively accompanied on good volume now coming through as the pair correct from 148.57 high. Daily CSI also shows the pairs at extremes and today’s price action has also pushed GBP/JPY off the top of the heatmap.

Question is whether this move is the start of a meaningful move lower or simply a pullback, and the pair resumes marching higher, and this will depend on whether risk-off sentiment carries over from last week & Brexit stall really does happen. Meantime downside price objective first comes in at 147.03, then at 146.63. To the upside 147.30 is first resistance.

(Click on image to enlarge)

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