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Volatile GBPJPY takes out June 13 Targets

Market Analysis
2016-06-24_16-51-03

GBPJPY, Daily         

Ten days before the Referendum (June 13) I highlighted the downside risk and targets for the GBPJPY.

“Target 1 at the recent low of 151.78 (again identified Monday 6th)  this has been completed this morning for a net gain of 65 pips. The pair continue to look weak and has traded as low as 150.08 today. The Monthly support is at 148.80, 145.15 and 140.20 from 2013 and is likely to be tested with a Brexit vote or indeed a very close vote in the UK EU Referendum next week.”

All three levels were taken out in today’s highly volatile session with the pair trading as low as 134.24.  The risk off environment ahead will again test the 135.00 area.

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Stuart Cowell

Market Analyst 

HotForex

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