Tuesday, June 30, 2015

Will there be a trend change on the GBP/JPY?

The Pound versus the Yen has kept a good uptrend and once it reached the 196.00 level on the daily chart, it stopped there and bounced to the downside. The price dropped more than 300 pips after the bounce and breaks below the 193.00 level. At the same time the price breaks the bullish trendline indicating a possible change in the trend. If the price keeps dropping, then the 190.00 may act as a support. If the price goes back up, the 196.00 level may act again as resistance.


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