Likely Bottoms for the Carry Unwind |
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The GBP/JPY pair is beginning to consolidate into a range - from 202.50 to 205.65 While another re-test of support at 202.50 seems likely, if that level breaks and then re-tests successfully as resistance, then we may see a move down to 200.10 or 198.90 If we break above resistance at 205.65, we should go to 206.59 and then come back down to re-test 205.65 as support. If price can hold above that level, then targets at 207.60, 209.18 or 210.75 come into view.
Filed under: Technical
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