Psychological Support Level on GBPJPY nearing like EU Referendum

I thought I would share my idea and thoughts on the GBPJPY as we rapidly approach Britain's EU referendum.

For two weeks now I have tailed the GBPJPY down to its psychological support levels 150.00 and 149.500.

As the 23rd June nears, I can't help but see a great opportunity to short in the GBPJPY, as current sentiment favours the Brexit rather than the Bremain. Such favouritism is building an even more compelling case in my eyes for a pending short down to the 139.000 levels and the reasoning is due to likely drop in GBP should the Brexit camp prevail.

This in my eyes will be the catalyst that will expose the levels below. Currently price is hovering around the 149.500 mark.

If price is to break this level and then come back to retest I can't see no other way but down in the short term for the GBPJPY

GBPJPY

Transaction en cours:

If you were lucky enough to catch this during the Asian session, the GBPJPY broke the psychological hold that the 149.000 was having.

Transaction en cours:

Instantly, price surged down to 146.500 and has since established a resistance level of 148.000.

Commentaire:

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Commentaire:

Pull back into 146.500 area is starting to hold and price looking to push down from here