Inside the Currency Market: GBP/JPY

GBP/JPY

Current GBP/JPY Range 192.23 — 191.60. Above 192.23 targets points at 193.21 and 191.35 on the way to next range tops at 194.19 and 194.48. Below 191.60, targets next ranges at 189.68, 189.64 and 189.39. Most important point 189.64. The break of 189.64 sees the downside gain speed to 189.39 188.70, 188.01 and 187.82, 187.18.

GBP/JPY Correlates at a 1 year view to GBP/USD 97%. But GBP/JPY also Correlates to USD/JPY at 99%. This isn’t good or normal. Volatility is running at 6.7%, that’s high and says GBP/JPY will see good movements. GBP/JPY is way way overbought Vs GBP/USD and overbought Vs USD/JPY. Shorts is the way for GBP/JPY.

Price closed at 191.88 but below the vital break above at 191.93. The curve slopes downward. Points are found 191.91, 191.93, 191.95, 191.97, 192.01, 192.02, 192.11 and 192.13. Shorts must remain below 191.93 to target first break at 191.60 then 189.68 and 64.

Again points, levels, targets, ranges are perfectly calculated and are exact.

Brian Twomey Inside the Currency Market, btwomey.com

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