GBPJPY is Bearish - We look to Sell at 133.20
▪️ The medium term bias remains bearish.
▪️ We have a 78.6% Fibonacci pullback level of 133.21 from 133.55 to 131.94.
▪️ Positive overnight flows lead to an expectation of a firm open this morning.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 133.20, resulting in improved risk/reward.
▪️ Expect trading to remain mixed and volatile.
Stop: 133.50
Target1: 132.00
Target2: 131.50
▪️ The medium term bias remains bearish.
▪️ We have a 78.6% Fibonacci pullback level of 133.21 from 133.55 to 131.94.
▪️ Positive overnight flows lead to an expectation of a firm open this morning.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 133.20, resulting in improved risk/reward.
▪️ Expect trading to remain mixed and volatile.
Stop: 133.50
Target1: 132.00
Target2: 131.50
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