Today, the yen justifies itself as a defensive asset that is in demand among traders and investors in times of economic uncertainty and political instability.
In the period from the start of trading on 24 February to the disperse trading on 10 March, the GBPJPY currency pair has decreased by almost 2.5%. And it is likely to continue declining with consolidation and correction periods until the geopolitical situation stabilizes.
Technically, the "Double Top" pattern is clearly visible on the GBPJPY daily chart.
At the moment, the pattern is in the process of its work.
If everything goes according to plan, the pair will decline to the support of 150.
Two and a half hours ago, data on industrial production, manufacturing production, GDP, and U.K. Trade Balance were updated.
All indicators except the trade balance have increased which may support the pound in the short term.
So, what are the trading opportunities?
1. Sell from the market of GBPJPY. Take profit 1: in the area of 151. Take profit 2: in the area of 150. The initial Stop Loss: in the area of 153.5. Next, Trailing Stop.
2. SellLimit at the level of plus/minus 153.1. Take profit 1: in the area of 151. Take profit 2: in the area of 150. The initial Stop Loss is in the area of 153.5. Next, Trailing Stop.
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