Today in forex trading the GBP/JPY had a sell signal on The Forex Heatmap®. The Japanese Yen (JPY) was strong on all pairs, generating some strong downward movement on these pairs. There was also some CAD and GBP weakness in the market. This drove the GBP/JPY and the CAD/JPY down. Both of these pairs are hitting some support levels, so we would consider scaling out lots or exiting these sells. Both pairs should reverse back up as soon as tomorrow and the overall trend on both pairs is up. Today’s down cycles were short term sells against the trend. The sell signals you see below are live buy and sell signals from The Forex Heatmap®. The heatmap gives live buy and sell signals for the JPY and GBP pairs as well as 6 other currency groups.
GBP/JPY Sell Signal 10-2-2014