I'm predicting GBPJPY shorts down to 154.500 this week.
- Price has created a double top on the weekly timeframe, the overall trend is bearish.
- Price has made a massive corrective move to the upside the past two weeks.
- Price will now continue it's bearish trend.
- Price will find support on the daily 50 EMA at 154.500.
I'm eyeing GJ to make a higher swing to 156.0 followed by a drop all the way to 151.500 , should we manage to have multiple candles closed below 156.0 we could expect the bears to make way for downside movements.
Top down analysis done from the Daily to H1 and based on the perception that daily has made a pulback from the bearish move and with continue bearish after this move. Entry done on the lower TF.
Very aggressive SL. More conservative and safer would be around 154.970.
After almost a month of being bullish expecting the market to correct and give us a to the lows of 153.00, with few news coming on both Yen or Pound the drop will be a clean one
