GBPJPY Trend Analysis
GBPJPY Analysis: Russia-Ukraine Invasion, Strong DXY, and Trend as the King
For
the past few days, GBPJPY has been on a bullish move to an upside of 156.387.
There are a few events that have resulted in the move.
First, the trend is the KING👑.
GBPJPY
had to move to the area between 156.259 and 157. 060 before it embarks on its continuous
bear trend. The bear trend will be nullified once we hit the area below
140.000. Therefore, buyers should tread cautiously as there is a high potential
of getting locked in for days, if not weeks or months, until we drop to 140.000
and below. The other issue is the Russia-Ukraine Invasion.
Russia-Ukraine Invasion
In
the past week, the heat from the war zones has been slowed down by the numerous
meetings between the two sides of the divide. The move has stabilized the rapid
volatile witnessed by the pair and helped to affirm the importance of following
the trend. Although the situation in Kyiv is tense, the GBP behavior and the
weekly outlook of the JPY were just for the technical alignment of the trend
needs. Moving it to the new week, the GBPJPY pair is likely to resume its
downward trend, as shown by the 4HR chart.
Trade Bias for GBPJPY: Bearish
Analytic Dave
AnalyticalDave is a personal financial analysis portfolio that captures my Derivatives trading, stock, and investing journey. My portfolio does NOT act as a financial advisor to any community. It is only purposed for journaling my story as a self-taught trader and investor.
