JoeNeilCarey
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GBP/JPY BEARISH SENTIMENT INTO NEW WEEK

FX:GBPJPY   British Pound/Japanese Yen
GBP/JPY's RECENT BREAK OF DAILY SUPPORT COULD BE SIGNIFICANT, GIVING BEARS THE OPPORTUNITY TO TAKE OVER FOR THE TIME BEING - THE 0.382 RETRACE OF THE LONG TERM SWING LOW/SWING HIGH IS EXPOSED, OFFERING A NICE POTENTIAL TAKE PROFIT.

ON THE DAILY TIME FRAME IT APPEARS THE LONG TERM UPTREND IS TAKING A BREATHER, WITH LOTS OF DOWNWARD MOMENTUM PRESENT AT THE MOMENT.

IN TERMS OF SUPPORT, THERE IS LITTLE THAT STANDS IN THE WAY OF THE 0.382 RETRACE, THE RETEST OF PREVIOUS SUPPORT TURNED RESISTANCE ADDS CONFIRMATION OF A DOWN TREND CONTINUATION; A STRONG SHOOTING STAR CANDLE ON THE 4H TIME FRAME PORTRAYS THIS, ALSO RSI HAS PEIRCED THE OVERSOLD LINE - POTENTIAL FURTHER FOLLOW THROUGH OF DOWNWARD PRESSURE?

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