GBPJPY Summary & Trade Setup

FX:GBPJPY   British Pound / Japanese Yen

The GBPJPY is starting to loose steam with regards to it's recent bullish rally and appears to be starting to fall back to the downside. Having shown some major resistance and bearish price action at the 162.000 region the pair is now on it's way back to 154.00. There is however some support between it's YTD lows and its current price, although I do not believe this will slow the pair down much in it's decent.

I recommend going short once we've successfully broken the 50MA, for extra security wait for a break of the near term trend line also.


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