tradethenut
Short

Continue Selling GBPJPY from 164-165

FX:GBPJPY   British Pound / Japanese Yen
Yearly chart still indicate downtick that will in effect continue to set downtrend for most of the year 2016 despite run up last week to 161 area. I am not certain if GBPJPY             can continue to push toward 164 next week, but i am Absolutely certain to Sell from 164-165 (if it can reach there next week) for 400-500 points retracement. On the other hand, if GBPJPY             get pushed down from 161 area toward 156-155, then this would set up another Leg for upward movement toward 164-165 next month in May.
GBPJPY is making move toward 164-165 this week that would result in next week downtick toward 160-161 first to set up further downward momentum afterward. It is reasonable to begin selling early with 1/4 total planned volume today @162.5-163 today , and save the rest for selling at 164-165 for a more decisive down tick next week.
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