GBPJPY: A BET ON THE SAFE HAVEN.
The Japanese Yen is considered a safe haven currency as it tends to hold its value or even increase during periods of risk aversion.
Yesterday, the pound-yen splintered its 4h bullish market structure (Bullish MS: a series of higher highs and higher lows in the markets), plummeting over 0.91%. Being reactive is waiting for prices to retest and fail to break a key resistance zone at 151.90 - 152.00.
For a short swing trade, set target 1 at 150.60 and target 2 at 149.50, stop loss should be 30 - 40 pips above entry level.
Apply proper risk management.
Hope this helps!!
Yesterday, the pound-yen splintered its 4h bullish market structure (Bullish MS: a series of higher highs and higher lows in the markets), plummeting over 0.91%. Being reactive is waiting for prices to retest and fail to break a key resistance zone at 151.90 - 152.00.
For a short swing trade, set target 1 at 150.60 and target 2 at 149.50, stop loss should be 30 - 40 pips above entry level.
Apply proper risk management.
Hope this helps!!
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