The Pound
is rallying versus the Yen in anticipation of the independence referendum vote
in Scotland. So far, the polls are pointing to a lead of the No independence
vote, that is why the Pound has been rallying, but we cannot be so sure on how
the final vote will come out. Now that the GBP/JPY has confirmed the breakout
of the 175.00 resistance level to the upside, if we see a pullback to this same
level, then there could be an opportunity for a long entry. Since support
becomes resistance and resistance becomes support, this area of the 175.00
could become support on a pullback.
Thank you for the analysis i'll keep an eye on EURJPY
ReplyDeleteThank you for the excellent analysis.
ReplyDeleteThe market positioning is also very much in favor of a "no".
ReplyDeleteThis means that the market reaction to a "no" would be much smaller than the reaction to "yes", that would probably be dramatic.
let's see what the GBP will do after the referendum
ReplyDeletePotential upward movement expected.
ReplyDeleteGood point.
ReplyDelete