Gap down penetrates more space in GBP/JPY downtrend, targets 175

FX:GBPJPY   British Pound / Japanese Yen
230 0 3
The New Year series for GBPJPY             has been unpleasant as we traced out gap down opening at 177.084 with day intraday lows at 175.796.

Thereby, the pair has achieved our 1st targets at 177.125 and now our second target 175 is pretty much on the table.

We think this gap down opening creates more potential for bearish trend as it slips below 21DMA curve on monthly in conjunction with the formation of bearish patterns such as shooting star and hanging man on monthly charts to break support at 180.989 levels.

On daily chart , we have no deviation from this bearish view. After last week's "back to back Doji" pattern candles to end the year 2015 at around 178.487 and 178.480 levels, now the pair is again arrived with a serious gap down opening.

Hence, our long-term perspectives remain firm and we could proclaim that long term investors should be cautious as the trend has already been reversed from last 4-5 months and sustained below 21DMA about more than 2 weeks.

We do not think bears should panic from here onwards even though you see any abrupt upswings. Now no room for misconception as we are not favoring these minor upswings in between.

There is no deviation at all and we have been firm to have bearish target at 175 in short run and would still carry the same stance on this pair.
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