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GBP/JPY: trading on Brexit

GBP/JPY: trading on Brexit

Information is not investment advice

What is the best way to bet on the positive outcome of the Brexit deal? Technically, the GBP has bullish potential versus the JPY. GBP/JPY is testing levels above the 50-week MA at 139.45. On the upside, there’s no strong resistance until 144.00 (100-week MA and the resistance line from the start of 2018). Taking into account the high volatility, we’ll consider long positions above 141.55 (50% retracement of the 2018-2019 decline). In the negative scenario, the fall below 138.60/00 (200-day MA/38.2% Fibo), GBP/JPY may slide to 135.50 (September highs).  

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