I've been anticipating GBP/JPY turning BEARISH for a few hours as we've seen the price push through the 200 EMA on H1 and the WP pivot and the signs are that GBP/JPY BEARS are jumping in.
BEARISH signals include RSI which was 71 but is now 61 indicating a move south and MACD which is lagging behind (as usual) but signficantly not making any more headway north and the fast MA is beginnig to turn south and looks like it will be crossing the slow MA in the next hour or two if the price continues south.
The much under used Andean Oscillator has seen the red SELL line leave zero and begin to climb (now reading .079) and at the same time we are seeing the gree BUY line of the same indicator lose ground though it still remains above the signal line and ideally we would like to see this below.
The 200 EMA and WPP mid pivot now sit above the price so GBP/JPY BULLS will have it all to do to resume travelling north particularly as RSI is still high and the price would be pushing back into over bought territory.
STOP is above the recent highs and target is the band of support at 188.41.
BEARISH signals include RSI which was 71 but is now 61 indicating a move south and MACD which is lagging behind (as usual) but signficantly not making any more headway north and the fast MA is beginnig to turn south and looks like it will be crossing the slow MA in the next hour or two if the price continues south.
The much under used Andean Oscillator has seen the red SELL line leave zero and begin to climb (now reading .079) and at the same time we are seeing the gree BUY line of the same indicator lose ground though it still remains above the signal line and ideally we would like to see this below.
The 200 EMA and WPP mid pivot now sit above the price so GBP/JPY BULLS will have it all to do to resume travelling north particularly as RSI is still high and the price would be pushing back into over bought territory.
STOP is above the recent highs and target is the band of support at 188.41.