Convert GBP to JPY
GBP/JPY enjoys a positive correlation with GBP/USD, EUR/USD and even AUD/USD. On the other hand, the pair shares a negative correlation with USD/JPY, USD/CHF and USD/CAD.
Monitoring support and resistance levels regularly to find opportunities for a breakout is one effective way to formulate a trade plan for the Beast. A scalping strategy that requires close analysis of EMAs to identify uptrends and downtrends can also help before placing trades in GBP/JPY. A steep angle in an uptrend or downtrend is indicative of high price action and is a good time to enter trades in this currency pair.
On average, GBP/JPY exhibits movement of around 130 pips.