This is my institutional view on the pair GBP/JPY.
Identifying the supply and demand we might expect a rejection off the supply level pretty soon.
Our target level is the liquidity area at 148.7
During the last few days of the week we were able to see a quite big drop on GJ, as beneath there were massive liquidity zones.
Since the overall trend is still bullish we do expect price to push back up in order to take all the sellers' money by triggering their stop loss.
So our institutional profit level will be the previous formed equal highs...
this is an hypothetical down trend of gold asset. We can see it's a down trend thanks to Wyckoff market structure analysis.
We do also have major liquidity areas beneath the lows which were created this week.
The overall target is 1680
This are the key zones which the price created on the daily time frame. We can expect a future down trend
during next week pushing price towards bottom support...
It also may happen that price pushes through and breaks the resistance zone performing an up trend