TrevorLam

GBPJPY in range expansion mode

Long
FX:GBPJPY   British Pound / Japanese Yen
52 views
1
The pound is performing well in the post-election environment.

Last week's shock Trump win is seen to have put the UK at the front of the queue when it comes to negotiating a trade deal with the US. So whilst the greenback's strength has got much of the limelight, the pound is also showing high levels of relative strength .

In contrast, the yen is weakening rapidly add traders move away from 'safe havens' and add risk to their portfolio's.

Technically the market has broken higher from a period of intense price compression on the daily candle chart. We are now firmly in 'range expansion' mode and momentum is very bullish .

GBP/JPY's hourly candle chart has seen prices retrace back to its emerging trendline and we view this as an attractive buying opportunity.
Comment:
Trade closed manually: Closed at 13447 . Silly, got nervous. exited too early
Comment: Could have closed 136.470 (200 pips later..)

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