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Over the past few week yen and yen crosses have been in a one-way move to the upside, culminating in today’s blow off rally that took USDJPY to 113.00. One of the key crosses to get the biggest benefit for the move has been GBPJPY which has rallied relentlessly for nearly 15 days straight.
But now that the pair is nearing the key 140.00 figure the upside momentum is likely to slow. The drop will probably come from the yen part of the cross as cable has shown good relative strength lately and with today’s announcement of large stimulus package in 2017 should continue to see UK economy grow at a healthy pace.
A pullback to first line of support at the 136.00 level may be possible, but that would just offer the bulls in the pair better value to enter the trade for ultimate push toward the 150.00 figure.