I BELIEVE THAT PRICE FOR GBPJPY MAY LOOK LIKE IT IS MOVING SLOW BUT IT IS CREEPING ON A BIG BEAR RUN. THE FACT IT CANNON GET PAST THE DOTTED (WITHOUT THE ASSISTANCE OF NEWS) I STRONGLY FEEL LIKE THIS PAIR WILL HAVE A NICE BULL RUN.
Is it a Bearish Wedge or is it 3 Rising Valleys? Look for the Breakout Buy or break below and small retest for a Short.
Be wary of the breakout to the upside owing to the Daily EMA's
This looks like a really clean set-up on really strong PRA - Must be careful of the potential bull flag forming now but bias is down for sure.
Something I have been waiting to happen could be about to unfold.
While the consensus is very much that the MPC will keep rates unchanged at Thursday's meeting, there is a risk that some of the more hawkish members will point to the rise in earning's growth, which although still in negative territory in real terms, is now moving in the right direction. If inflation starts to flatten out as the exchange rate effects pass...