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Short

Gloomy outlook for GBPJPY BULLS

FX:GBPJPY   British Pound / Japanese Yen
With key support at 136.75 broken and price now trading under the 200 sma on the Daily, more weakness in G/J is likely. The rising trendline shown, which comes in at 134.76 may offer support but this seems unlikely. Adding to the BEARISH technical picture are political tensions over North Korea and Syria/Russia which will lead to investors seeking out the safety of the YEN and the CHF.
HArd to see any significant support under 135 so a break under this level opens up a deeper move down to 132.
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