BreExit vote is scheduled for the late June and GBP/JPY remains an attractive option to traders. On a weekly chart, the market price is well below WMA 200, 100 and 55. Additionally, the price is staying below two important trend lines (T1 and T2). If you look at long-term Fibbo levels, GBP/JPY tested 50% retracement at around 155.00 and bounced to the horizontal previous support/ now resistance at 163.60
On a daily chart, you can see that the GBP/JPY is making lower highs which adds additional pressure to the downside.


In the end, H4 offers us another perspective. After the above-mentioned drop to 155.00, GBP/JPY is in consolidation mode which usually translates into the triangle. If the GBP/JPY breaks to the downside, first it will have to get below MA100 and MA200.
In the end, I expect the GBP/JPY to re-test the 50% retracement in the coming weeks. Yen is seen as a safe heaven currency and the pound will stay under pressure. The saying "buy the rumor, sell the news" may be the play for this pair.
Traduire en Anglais Montrez l'original