My prediction is it is due a retest, as oversold now and chance of upside movement temp.
And if retest confirms downward trend, then potential drop.
1) Broken Strong support
2) Daily downtrend confirmed
3) Wait for retest before entering
Be careful as everything is looking great for a HUGE drop anytime soon, however GBPJPY pair can be dodgy.
- 1 Day trend line respected and has been dropping nicely.
- 4hr 38% Fib respected as resistance, and if holds, can carry on downwards.