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The GBP/JPY currency pair is considered one of the most volatile, and at the same time less volatile, for example, than gold or the same bitcoin. Therefore, it can rightfully be considered “balanced” – it is still a currency pair, but not a commodity or a share.
The advantages of trading the GBP/JPY pair is that you can raise a very good number of points in a short period of time.
For example, for a couple EUR/USD you can earn 5 times less in the same period. Where the euro dollar pair passes only 200 points and this is considered the limit for it, then the pound yen will easily sweep 1000 points.
So, let's move on to those. analysis. Judging by the wave cycle, after a strong fall with acceleration, there followed a return back to about the middle of the entire movement.
Now, apparently, the price is completing the downward movement and is just approaching the 50 fibonacci level, the level of the older TF 23.6 is also located there
At the moment (May 14) the price is still moving down and the correction should end around 130
It will be necessary to observe the behavior of the price, if there is a reaction and a rebound to the top from this round number, then at the next correction you can enter Buy.
With an upward movement, the price will meet strong resistance at the levels: 133, 135 and 137, from which the price is more likely to correct.
The final target of this movement is approximately at the level of 141.5
You also need to understand that the price marks are approximate, since quotes for brokers are slightly different. Just focus on the upper range, where there is the biggest trade (you can clearly see it on the screenshot) or trade with this broker, the actual analysis is carried out on the terminal of his account.
To earn 1000 points on the GBP/JPY pair, you need to open a trading account with one of the major brokers: MaxiMarkets, FinMaxFX, Alpari — Deposit funds to your account and start trading!