GBP/JPY Finally Going For The Downside

GBP/JPY was on nonstop up-train since November and now finally going for the downside, although it may just be a beginning for an uptrend. The price rally from 126.39 to 148.36. After a long month of unstoppable bullishness, the pair finally goes for a bearish bias.

GBP/JPY Daily Chart

After a brief consolidation around 145.39 and 142.93 the price finally breached towards the downside strongly towards 140.55. It coincided with bottom BB(100) and middle pitchfork TL. It could go for a retracement back towards 142.52 resistance level before continuing to 138.59 support level. If price however goes back up and remains above 142.52, this could be a reversal for the upside, settling lowest price to be at 140.55.

GBP/JPY Chart

In the bigger picture, if price breaches the 55EMA (blue), it suggests a bit more bearishness towards 138.59, coinciding with previous resistance level and middle BB (red) now at 136.17.

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