Yen is clearly becoming overvalued post Brexit. Currently, the situation appears to be working itself out into another risk on recovery which indicates future yen weakness. On the 2H chart, we are at a downwards support line that is bound to act as a strong buffer against further USDJPY weakness.
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The market has, according to my own trading style, generated a triple top and currently is in a leg to the downside. I am targeting the .6610 area with a stop as equally big at the .6750 area, which has ample resistance.
Furthermore this may be a start to a trend lower to retest the .6400 area. Don't miss out on it.
We will continue to see bearish sentiment on the GBPUSD pair, and I expect that it will continue down to the 1.50 area.
Price is beginning to move into a wedge, so we will see in the future whether price decides to break out to the upside or more to the downside. Either way, I am short on this pair for now.