I've written before of the August/September 2008 gap in GBP/JPY and here 17 years later, it continues to show items of interest for intra-day trading strategy.
Most recently, it was the top of that gap at 198.08 holding support on both Monday and Wednesday of last week - allowing for a flare up to just 2.5 pips away from the 200 psychological level. Bulls have shied away from that, for now, but given the way that it happened it could easily be written off as a stretched move stalling before a big figure could come into play.
This also illustrates support potential, especially given the broader move of Yen-strength that's shown so far this week. While USD/JPY is nearing a key Fibonacci level, GBP/JPY can be seen as a more attractive venue for JPY-weakness, especially given the turn that's so far showed in GBP/USD. - js
Most recently, it was the top of that gap at 198.08 holding support on both Monday and Wednesday of last week - allowing for a flare up to just 2.5 pips away from the 200 psychological level. Bulls have shied away from that, for now, but given the way that it happened it could easily be written off as a stretched move stalling before a big figure could come into play.
This also illustrates support potential, especially given the broader move of Yen-strength that's shown so far this week. While USD/JPY is nearing a key Fibonacci level, GBP/JPY can be seen as a more attractive venue for JPY-weakness, especially given the turn that's so far showed in GBP/USD. - js
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.