FX_Rhapsody

GBPJPY Breakdown Analysis

Long
FX:GBPJPY   British Pound / Japanese Yen
There is no clear indication on GBPJPY to go down and retest the Fibonacci 62% retracement on the daily timeframe. Price first needs to break the support area before considering any big movement down. Lets keep any eye on the current position this week and look for signs of selling to the downside, otherwise its up all the way. COT reports shows massive amounts of short positions against the YEN, which means some more bullish movement for GBPJPY.
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