[Hassam]

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.

[Hassam]

GBPJPY is a popular currency pair. Day traders love to trade this pair due to its high volatility. The problem is how to harness this volatility. ABCD chart is well known to traders. ABCD chart pattern forms the basis of all Harmonic Chart Patterns. When you have an ABCD Chart Pattern it means a big move? Maybe! Not always at least. But sometimes there can be big moves as well. I always try to trade in the direction of the trend. I define the trend using moving averages. Trading GBPJPY is a good idea if you can keep the stop loss small and take profit around 150 pips. Can we use ABCD Chart Pattern on GBPJPY. Yes of course. Trading GBPJPY means keeping an idea on two economies one is UK and the other is Japan. Harnessing the volatile power of GBPJPY is a challenge. In the video below I show how ABCD chart pattern predicted a 200 pip move on GBPJPY!