GBPJPY – Wide Volatile Range, Looking to Sell (daily chart)
For the month of May, the GBPJPY has been banging around a ~300 pip range between 157.50 and 154.50. Not much has technically changed as the volatile trend has produced a wide range at the moment.
For now my bias is bearish and I’m looking to sell on a rally into the key resistance zone around 162.50 – 164. Downside I’d be looking to target 157.50 and 155. Only a daily close above 165 would negate my bearish bias.