Rallies at this time are to be sold at the first signs of trouble, and of course exhaustion. I think that the market will struggle to break above the ¥147.50 level, which is where the previous uptrend line that coincides. Ultimately, the market should continue to see a lot of negativity and volatility, and I do believe that we go much lower, perhaps down to the ¥143.50 level, and then down to the ¥143 level after that. Rallies will struggle to break above the 147.50 young level, but if we did do that, it would be a very positive sign, perhaps reaching towards the ¥150 level after that which has been massive resistance. However, I think it’s very unlikely that this market is going to be able to rally for any significant distance.
British pound falls against Japanese yen on Monday
The British pound has fallen a bit during the trading session on Monday, reaching down towards the vital ¥145 level. This is an area that is major, and its importance can’t be overstated as it is not only an area of previous structural support, it is also a large, round, psychologically important figure. I think that this market will move in the same manner going forward, I think that selling is an opportunity to take advantage of a significant downtrend that has just formed. After all, we broke through a major uptrend line, and not only this pair, but the GBP/USD pair. What this tells me is that the British pound itself is in a lot of trouble.
Rallies at this time are to be sold at the first signs of trouble, and of course exhaustion. I think that the market will struggle to break above the ¥147.50 level, which is where the previous uptrend line that coincides. Ultimately, the market should continue to see a lot of negativity and volatility, and I do believe that we go much lower, perhaps down to the ¥143.50 level, and then down to the ¥143 level after that. Rallies will struggle to break above the 147.50 young level, but if we did do that, it would be a very positive sign, perhaps reaching towards the ¥150 level after that which has been massive resistance. However, I think it’s very unlikely that this market is going to be able to rally for any significant distance.
Rallies at this time are to be sold at the first signs of trouble, and of course exhaustion. I think that the market will struggle to break above the ¥147.50 level, which is where the previous uptrend line that coincides. Ultimately, the market should continue to see a lot of negativity and volatility, and I do believe that we go much lower, perhaps down to the ¥143.50 level, and then down to the ¥143 level after that. Rallies will struggle to break above the 147.50 young level, but if we did do that, it would be a very positive sign, perhaps reaching towards the ¥150 level after that which has been massive resistance. However, I think it’s very unlikely that this market is going to be able to rally for any significant distance.
