GBPJPY -- 200 down, 400 to go!

We saw the reversal at the 150 handle, as projected before and during the FED and BoE rate releases. We're down 200 pips...the projection is to 144 so we have another 400 pip decline ahead of us. That said, will be looking for were to jump in (or add) to current shorts. Based on Friday's close, the only areas at the moment where I'm looking for a pivot and continuation down is at 149.20 and back at the 150 area (yellow boxed zones). I did mark the 146 level as an area, pending price action, that would cause me to shift short term to a BUYing bias and to re-evaluate new levels for shorting once again.

Will update during the week...

Comment:

Priced retraced, but wasn't expecting a double top, although was a last resort area previously marked off that would be a resistance price. From here on now, I'd expect the declines to 144. Guess price had to come into that area first and the initial attempt was a fake out to keep and add more longs into believing in the continuation of upward channel.

All else stays same...keeping an eye on the 146 level (based on PA on the way down) and 144 as a target price.

Comment:

Another retest up into the 150+ price area and decline post US GDP release. Seems like many positions accumulating up here, still looking for the shift to move downwards.

Comment:

Apparently 400 pips to go in the opposite direction. You win some, you lose some :)

... on to the next read