Why is the GBPJPY Forex cross pair rallying in August 2024?
11 Aug 2024
Why is the GBPJPY Forex cross-pair rallying in August 2024? Don’t sell Forex cross-pairs after a strong sell-off – here’s why. The reason is that the markets are governed by the forces of supply and demand, whether we like it or not. These forces move the threads in the background, creating strong market price action. In this video market analysis, I will review why you should not sell after a strong sell-off on any Forex cross pair; GBPJPY is no exception.
The weekly timeframe for GBPJPY below shows a supply imbalance created two weeks ago for the GBPJPY cross-pair. Last week (August 2024), a new bullish pin candle was formed at #2. After such a strong sell-off and bullish price action, we expect the EURO to become much stronger against the Japanese Yen. These are the forces of supply and demand and price action analysis. You can use price action and intraday Forex strategies to trade up to the supply level located at 171.
The weekly chart analysis for the GBPJPY cross-pair shared below was posted at Set and Forget Online Trading Academy. Let’s see if the price action behaves as expected. We expect the British Pound to get much stronger against the Japanese Yen in the following days and weeks.
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