I know many of you like to trade the GBPJPY because it is one of the currency crosses that moves the most. Now, let me tell you what I think about this one:
I also like it, but not when it is on a bearish condition, because you know, a BOJ intervention is always possible (when it’s bearish). But now it is different, it is trading in a bullish condition, and if the BOJ intervenes it will be on our favor, it will actually help us if we are long.
So this would be a good time for us to look for long opportunities on the GBPJPY:
The next resistance level here is at 124.04