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GBPJPY Shorts Favored Below 134.30

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As of Tuesday’s high, the GBPJPY had clawed back more than 1,000 pips since the March 18th low of 124.02.

However, it’s an uphill battle for the yen cross.

While the pound has been relatively strong in recent weeks, particularly against the US dollar, it’s fighting against a strengthening Japanese yen.

I discussed the potential for a weaker USDJPY last week and again in Saturday’s Forex forecast video.

I even called out my USDJPY short entry at 111.50 in the member’s area when the pair was trading just above 111.20 on Wednesday.

That initial position is now 440 pips in profit in a matter of days.

Although I didn’t announce it, I also shorted the EURJPY last week when the pair was trading at 120.85.

I will be adding to that position following a close below the short-term channel which I’ll be sharing with DPA members later today.

The EURJPY hammer that developed last Thursday following a 340 pip rally hinted at a turn lower.

Of course, the 121.15 resistance area was a contributing factor to my decision.

That position is 370 pips in profit as I write this.

You may be wondering what a weaker USDJPY and EURJPY have to do with the GBPJPY, especially when the pound has been stronger on a relative basis.

One thing to know about the yen pairs is that they tend to move in tandem.

If you start to see several yen pairs weaken, there’s a good chance the rest will follow.

That’s especially true for the USDJPY, which is the barometer for the yen and risk assets as a whole if history is any guide.

With that in mind, I’m only interested in selling the GBPJPY.

But timing is everything.

That’s why I told members last night that the GBPJPY had just broken below a short-term support level near 133.80.

Sellers have already driven the pair 100 pips lower so far today.

If the GBPJPY can get through this minor support area around 132.60, there isn’t much to prevent a move to 131.25.

That’s one of the support levels I mentioned in Saturday’s video.

A close below 131.25 would open the door to the 127.00 area and perhaps the year-to-date low at 124.00.

This idea is in play as long as GBPJPY trades below the 134.30 region.

Want to watch the GBPJPY video I just released in the member’s area?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in April!

GBPJPY 4-hour time frame

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19 comments
Justin Bennett says

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Steve Gee says

I am still having a problem getting my members login approved for the forum. It still shows a pending.

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    Justin Bennett says

    Hi Steve, sorry to hear that. All invitation emails have been sent. It’s either in your spam folder, or you paid with a different email address than the one you’re checking.

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      Omotade Peter says

      Hi Justin. Thanks for the ideas. I would love to join the YouTube members only video channel. I tried the link but I can’t purchase it. Please help me.

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        Justin Bennett says

        It might be because YouTube memberships aren’t supported in your country yet. Unfortunately, there’s nothing I can do about that.

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      Steve Gee says

      Not trying to spam the comments, I keep trying to use normal send a question, but I have not got a reply. Signed up Mar 28 Invoice 2721(I saved a screen shot). I did not get an email invoice, so it could be that the signup email address used was bad. Most likely my fault. please look into this. The email on this comment is my main email.

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Billy Khoza says

👌

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Emeka Egwim says

In addition to your weekly analysis on Tube, this daily analysis to me is more insightful ,educational and addictive. I am loving it.

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    Justin Bennett says

    Pleased to hear it! 🙂

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gasket says

amazing how you not only read your charts but also seem to have a sense of what might be a trap for novice traders .Thank you TJG

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    Justin Bennett says

    You’re welcome.

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GuruVachan Singh says

Hi, Before purchase your plan, I want to know that “Do you provide Signals in Forum/Telegram/WhatsApp/Others”?

I am waiting for reply.

Thanks!

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    Justin Bennett says

    I announce my entries sometimes, but it is not a signal service.

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Peter Paul Acholonu says

good job

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Gary Jenkins says

Hi Justin, I joined your merry band of followers for a lifetime membership, but have received nothing yet. I’ve checked my spam box and nothing in there either?

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    Justin Bennett says

    Hi Gary, I can tell you that the email address you entered at checkout isn’t the same as the one you’re using here. The one you entered at checkout begins with “gazzas”.

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Hassan Raza says

Hello justin, hope you are doing well, i need analysis on eurusd as this pair is too much confusing, i bear to much loss in this pair kindly give brief detail in this regard. i am your follower since long

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David Michael says

Hi Justin,

I’m interested in joining your service. The only problem is the payment methods you accept are hard for me to come by in my country (Nigeria).

Do you accept other digital payment methods like Skrill, Neteller, Perfect Money, BTC etc. those should be a lot easier for me.
Thanks and I look forward to your response.

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