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GBP/JPY bearish setup on breach below descending channel

FX:GBPJPY   British Pound / Japanese Yen
Technical analysis (chart and candlestick patterns occurred): On daily plotting of  GBPJPY , bears breach below descending channel baseline. Consequently, steep slumps have been observed constantly way below DMAs.

In this journey, bears breaking through the descending triangle pattern that is coupled with the technical indicators to signal weakness.

The price slides below 7 & 21-DMAs in minor trend with bearish crossover and bearish momentum, so the current downtrend likely prolongs on intensified bearish momentum, bearish DMA & MACD crossovers.

Hence, the mild attempts of price rallies have not been convincing as the momentum and trend are in conformity to the downswings (in bears’ favor). 

On a broader perspective, the major downtrend that went in the consolidation phase has now resumed bearish streaks again after failure swings at 61.8% Fibonacci levels (refer monthly plotting for lows of 116.837 and highs of 195.883 levels), bearish engulfing pattern has occurred at 156.929 and rail-road pattern at 144.165 levels on monthly terms to nudge prices below EMAs and retrace up to 78.6% Fibonacci levels.

We advocated short hedges in our previous write-up on this pair. Had you initiated those positions, you would have arrested the recent bearish swings and kept on risk on the check.

One can still uphold shorts in futures contracts of mid-month tenors with a view to arresting further potential downside risks. Writers in a futures contract are expected to maintain margins in order to open and maintain a short futures position.

Alternatively, on daily trading grounds, at spot reference: 140.402 levels, we advocate constructing tunnel spread, using upper strikes at 141.057 and lower strikes at 139.650 levels. The strategy is likely to fetch leveraged yields as long as the underlying price keeps dipping but remains above lower strikes on the expiration.

Currency Strength Index: FxWirePro's hourly GBP spot index is flashing -37 (which is bearish ), while hourly JPY spot index was at -63 ( bearish ) while articulating (at 05:28 GMT ).
you change your stance DAILY on this pair ????????????? Long yesterday Short Today??????????????
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