JLS: GBPJPY Heading 134.00 in Short Term

In long term the GBPJPY bullish as well as in medium term as indicated by the U-shape band, however in short term is bearish as confirmed by S-Curve of the band and bearish from 148.00-141.00-134.00. The pair is strongly defended at short term central parity 141.00 but will not last. The pair will proceed to bearish down to 134.00 in short term.

Re-sell/re-short trade will be executed at 141.60/141.80 with stop loss 100 PIPs above that rate, however for more accurate of entry rate the entry rate shall be made from the average traded weighted rate with GBPUSD, GBPCHF and EURGBP to enable to manage stop loss 50 PIPs above the entry rate (average traded weighted rate).

Comment:

The 134.00 target is underway