The US dollar gained more than 2.5% against other currencies ahead of the NFP statement on Friday. As a result, EURUSD plunged to the 20-year low at 1.0100.
Trading GBP/JPY on the news
2019-11-11 • Updated
BUY 138.40; TP1 138.75; TP2 139.45; SL 138.25
SELL 137.95; TP 137.05; SL 138.15
Britain will release some economic data today. The forecast is positive. It’s possible to try to exploit this idea trading GBP/JPY.
The pair made a big spike down last week. Yesterday the pair found support and formed a daily candlestick with a long lower wick. This is a sign that GBP/JPY is trying to find a bottom. Advance above MA on H1 at 138.40 will allow it to test at least the Fibo level at 138.75. On the other hand, a slide below 138.00 (50-period MA on H4) if the British data disappoints will allow selling with a target at 137.00.
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The current situation is terrible, and the future is worse for the United Kingdom. Will the British pound withstand the challenges that await the UK economy, or will it collapse?