Further decline on GBPJPY

23 dic 2022

With GBP declining against JPY with over 800 pips as a result of the japanesse yen hike in interest rate, the JPY index is still signalling a push to the upside. This definitely would mean the continuation of the bear for GBPJPY. Albeit, a retracement is imminent for the pair; At 162.7, which is the 50% fibonacci retracement level, The bear is expected to be continued. At this level, any institutional candle signalling a sell is a green light to join the long run of GBPYJPY downtrend.