bmck1
Short

GBPJPY - Position Outlook - Bears on the prowl again?

FX:GBPJPY   British Pound / Japanese Yen
Taking a step back from the intraday/intraweek stuff here and looking at a longer term position idea on the GBPJPY             . If we close out this weekly candle below the trendline then I would be looking for this pair to continue on a bearish move towards the potential target area on the chart between the 50% & 61.8% fib levels. Righ where we intersect with a monthly trendline as well. Pair this with the recent bearish divergence on the RSI and I'm liking the short side of this pair over the coming weeks/months.


Comment: Price action pushed up through the first trendline but seems to have respected the upper trendline with a close on the dot. Big Doji daily candle last Friday to end the week and keep price below that level. Still looking for bearish opportunities until that upper trendline is violated.
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