The GBP/JPY finds itself still sitting in between the 135 and 125 handles as there has been massive consolidation over the last 9 months or so. This should continue as there has only been one attempt to break out of that range – and it was held back by central bank intervention. Because of this, the pair is to be played short from the top, and long from the bottom of the range. Currently, we find ourselves in the middle and looking for direction.
Written by ForexMansion.com