GBPJPY: Hit a 2 year Resistance. Hard fall possible.

GBPJPY hit today the top (HH line) of the Megaphone pattern that started on the May 24th 2021 High. Tha last time it did (April 18th 2022), the price got rejected back to the 0.618 Fibonacci level and the 1W MA50. Right now the 1W MA50 is already near the 0.618 Fibonacci and is headed towards the 0.5. With the 1W technicals vastly overbought (RSI = 75.716, MACD = 4.620, ADX = 61.529), we expect a hard landing for the pair and open a long term sell targeting the 0.5 Fibonacci (TP = 170.000), where not only we project contact with the 1W MA50 but is also where the HL of the Rising Wedge is.

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