GBPJPY is been bullish recently. Due to weak cash flow in safe havens. According to last CoT report. JPY and Gold are no strong. Probably its time for them to revert back to the mean values.
In that case we can take advantage of GBP strength.
Market took a 100 pip rally today through Asian and London sessions. However, we could see that price have reached its maximum threshold. If you refer to CoT data, Almost 10K non commercial shorts were been added.
It doesn't make any sense for the price to move up without reverting back to the MEAN AREA.
As per previous CoT report, Non commercials adding aggressive short positions. This could be potential selling from institutional order flow reports.
From technical point of view, we could see that buyers are struggling to make highs.
I'll be waiting for buyers to burn out before going shorts.
You can Fibs or MA's for additional layer of confirmation