theforexportal

GBPJPY in a perilous position

FX:GBPJPY   British Pound/Japanese Yen
33 0 1
Last week this pair looked reasonably BULLISH but the mood has shifted against the GBP and with G/J losing almost 300 pips this week the BEARS look in control. The 200 sma on the daily time frame which has supported this pair all year is now under pressure and a break and hold below 137.19 would be very BEARISH .
Should however the support hold this could trigger a move higher.
Advice is to see where we go the open and BUY above 137.19 and SELL below.
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