FX:GBPJPY   British Pound / Japanese Yen
GBPJPY has been moving fairly sideways these past few weeks with no real trend or market direction. It looks like its been trying to break past the 141 level for a while but has failed to move past it. It's met equal highs and is showing strong rejection around that level, and as you can see it has also formed a double top . GJ is also coming in contact with major weekly structure, a downwards trend line that it has respected on various occasions. We're also seeing a pretty significant bearish divergence on the four hour time frame. I think its almost a given that we see GJ react to these levels and fall nearly 140 pips to the 139.65 area, but, with all the negative news surrounding the new covid strain, we could possibly see those fundamentals fuel a further push down of almost 400 pips to the 137 lows formed in December. I'm currently in a sell position and my target will be 139.656.


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