GBPJPY - Weekly Outlook

For those trading Yen crosses, I'm sure you all witness the extreme selloff across the board with yen pairs.

Taking a look at GBPJPY on the weekly timeframe, price action is still holding onto a strong weekly bearish candle formation. There is possibility of a bullish retracement but I think it's best to wait and see how this weekly candle closes out. If we don't get much of a bullish pullback, I would suspect further pressure back down towards the ascending trendline. If that trendline breaks, look out for further downside as illustrated on the chart.

Trade Safe!