Price has reached .5 fib levels and has rejected a few times, added that a full bearish engulfing candle closed I could see another leg to the down side. Going in small with 1 put contract and swinging till monday. Have a great weekend!
Looking at GBPJPY has been on a constant decline on the weekly chart by looking at previous market data. Price recently got rejected on a weekly resistance and will start heading down. Also price is currently under both 8 and 50 SMA and closed on a bearish pin bar on the 4H chart. Look for solid short entries and lets roll.
Currently the overall trend is bullish, but we are now in a bear market. What I see that could happen is it rising up if it breaks and closes above 1955 up to the .618 in the fib the reversing back to the downside hitting the daily trendline.
