It’s not every day there are 100+ pip moves anymore but one of the most-volatile spots is always GBP/JPY.
The pair crashed lower today as the flash wave of yen buying hit the market. The pair fell by as much as 150 pips and is trading at 171.98.
Technically is where the damage was done as the pair confirmed the break of the neckline of the head & shoulders pattern and broke the 100-day moving average.
GBPJPY beginning to break down
I think all the trends that have built over the past two weeks have legs, the key is getting in at good levels and hanging on for dear life. It’s a tough pair to hang with sometimes but I like nibbling on a short around the 100dma.
