01-29-2019, 07:50 AM
GBPJPY is a volatilie pair and many day traders love to trade it. You can trade GBPJPY daily and make 50-100 pips easily. On one side we have GBP and on the other side we have JPY. So when you trade this pair, you should keep an eye on British Pound (GBP) and Japanese Yen (JPY). Today Brexit Voting is scheduled in UK Parliament. Below is GBPJPY H4 chart:
As you can see GBPJPY has been on a strong upward move. Today it is moving very slow as the market people are keenly awaiting the outcome of UK Parliament Brexit Voting. GBPJPY can move in any direction. When GBPJPY moves up for example, it can be either GBP is getting strong or JPY is getting weak. How do you know what is happening? You should look at the other GBP pairs like GBPUSD, GBPNZD, GBPAUD etc. If all these pairs are moving up, it means GBP is getting strong.
As you can see GBPJPY has been on a strong upward move. Today it is moving very slow as the market people are keenly awaiting the outcome of UK Parliament Brexit Voting. GBPJPY can move in any direction. When GBPJPY moves up for example, it can be either GBP is getting strong or JPY is getting weak. How do you know what is happening? You should look at the other GBP pairs like GBPUSD, GBPNZD, GBPAUD etc. If all these pairs are moving up, it means GBP is getting strong.
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