FxWirePro
Short

GBP/JPY travelling for more dips despite interim minor spikes

FX:GBPJPY   British Pound/Japanese Yen
224 0 1
The pair has very much achieved our 1st target at 183.375, T2 and T3 on the table and Two more bearish waves yet to appear to complete the adverse swing pattern.

Yes..., GBPJPY             sends more bearish messages upon the formation of shooting star after last week's "back to back spinning top" pattern candles to break support at around 184.30 and 183.641 levels respectively on daily chart .

These bearish signals would prevail to target our next price objective at 177.125 and 175 as well, bearing previous short term upswings in mind, although abrupt rallies may pop up in between but certainly not above 181.790 levels.

Nothing has changed much on monthly charts, hence our long term perspectives remain firm and we could proclaim that trend has reversed and sustained below 21DMA about more than 2 weeks.

Hanging man and shooting star patterns at 193.456 and 185.259 respectively on monthly charts are also figured out that vouch more declines.

We don't think bears should panic as minor upswings are likely every now and then. Now no room for misconception as we are not favoring these minor upswings in between.

There is no deviation at all and we've been firm to be bearish since September and would still carry the same stance on this pair.

We've been bearish on this pair from last 4 months, for more reading please follow below link:

http://www.econotimes.com/FxWirePro-Hanging-man-confirmed-on-GBP-JPY-PRBS-for-long-term-hedging-86697
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