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GBP/JPY Technicals: 138.75 bull/bear border

TheGeppy ($GBPJPY) is a monster, it has big moves and is quite volatile; we love it and right now this pair is at a very important level. Let ´s take it pre-Brexit.

After the Brexit vote, this pair fell more than 2500 pips the made a high at 138.75 which is the level we are trading at. But we are trading in no man ´s land.

After that big 1000 pip move to the upside, the GBP/JPY has been trading inside of a wedge which could mean that we are getting ready for a continuation of this move to the upside but the heavy tests on the 138.75 might signal otherwise. Even though bulls have kept this level from breaking, every time we think a rally might ignite sellers push the price down and test the bull/bear line again…. and again.

Should this support zone break w might find buyers at which is the next logical structure zone for bulls to be positioned; but we see it as fragile and if this scenario, in fact, develops we could see price on the guppy drop and be supported by bulls at the 133.60


Orlando Gutierrez

Orlando Gutierrez

Orlando has been involved in the markets for about six years starting up as a retail trader and now is the Head Trader at www.snipethetrade.com. Orlando has mentored a vast amount of beginner traders and sent them into the technical analysis of price action path; some of them are now part time traders making a second income for themselves. He has also collaborated with the best trading academies as a Forex Specialist and Currency Analyst. He is a strong believer in passing knowledge around to people that truly care about it, and this is why he still posts market analysis regularly on the biggest trading forums and trading schools.