GBPJPY breaks lower and below hourly MAs

The GBPJPY GBP/JPY Understanding GBP/JPY: A Comprehensive GuideThe GBP/JPY is the currency pair encompassing the British pound of the United Kingdom (symbol £, code GBP), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how much Japanese yen is needed in order to purchase one British pound. For example, when the GBP/JPY is trading at 165.00, it means 1 British pound is equivalent to 165 Japanese yen. The British pound (GBP) is the world’s fourth most traded currency, whilst the Japane Understanding GBP/JPY: A Comprehensive GuideThe GBP/JPY is the currency pair encompassing the British pound of the United Kingdom (symbol £, code GBP), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how much Japanese yen is needed in order to purchase one British pound. For example, when the GBP/JPY is trading at 165.00, it means 1 British pound is equivalent to 165 Japanese yen. The British pound (GBP) is the world’s fourth most traded currency, whilst the Japane Read this Term is cracking lower, and making a new low for the day. Technically, the pair moved below the 200 and 100 hour MAs and in the process also cracked below a smaller head and shoulder neckline.

WHat next?

Stay below the MAs will keep the bears more in control .

On the downside, the swing area between 161.64 to 161.84 would give sellers more confidence on the downside. Move below that area, and more downside toward 161.08 would be targeted...

The GBPJPY can be a very volatile pair. So be sure to trade with risk firmly in control.