The US dollar may find itself under additional pressure in the near term. What is the best way to trade on a weaker USD? Have a look at USD/JPY.
GBP/JPY has bullish momentum
2020-04-09 • Updated
GBP/JPY has formed a higher low, retraced 50% of the February-March decline, closed above 134.40 on Wednesday and is trading above the March high. The pair seems to possess positive momentum. The logical upside target is at 136.90 (61.8% Fibo). Support lies at 134.40 and 133.70. As long as the pound is trading above the latter, the bullish movement will be the main scenario. The decline below 133.70 will open the way down to the 132.00 area.
Trade idea for GBP/JPY
BUY 135.60; TP 136.90; SL 135.30
SELL 133.65; TP 132.40; SL 133.90
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