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We kickoff today’s commentary with GBPJPY, a pair that has experienced a landslide in price recently. Since the start of 2015, the pair has lost more than 700 pips in four short days.
Given the extreme bearish pressure that continues to plague the pair, it’s questionable whether or not this market can make it back to the 181.58 resistance level. However we also don’t want to get caught chasing this market for a short entry.
Any spike into the 181.58 area could present us with a nice opportunity for a short trade down to the next support zone of 178.70, leaving us with about 290 pips to work with.
Summary: Watch for bearish price action on a move back into the 181.58 area on either the 4 hour or daily time frame. Key support comes in at 178.70.
GBPNZD analysis
