GBP JPY update - Longs in play

26 gen 2021

Hello traders,

We are seeing on the GBP JPY 4 hour chart an opportunity to go long with a good 4hour trendline which is being respected.

Imbalance
4hr = grey
4hr = orange trendlines
daily = purple trendline


See the previous idea here and click play - it played out perfectly.

See the bigger picture and further analysis below;

Fundamentals at play.
With the successful Brexit transition and recovery from the Risk-off scenario from Brexit, the commodity hedge from Gold will not push higher. While the vaccination and cases remain a concern for the UKs long term success in the economy opening up, the GBP has been seen rising and looks set to continue with a target of 143 poised to be filled by the bulls.
XAU USD & GBP JPY are safe havens so expect the volatility within the pairs to remain strong as short term sentiment turns sour.

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