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GBP/JPY – The Brexit Trade
Of all the currency pairs that are likely to be affected by the Brexit vote none will be more volatile than GBP/JPY. The pair will reflect not only the outcome of the result on UK assets but also on global risk appetite as the yen component should soar on any relief rally if the Brits decide to stay and will sink if the choose to leave.
In fact some analysts are predicting that USD/JPY could swing as much as 300 points either way if the results surprise the markets and put the whole global economic structure into question.
Technically the pair faces the first serious resistance at 160.00 on the upside while the downside could prove to be much more dangerous with the cross dropping to as low as 130.00 should UK vote for Leave.