Greetings,
After a long wick/pin bar on the daily and 4 hour charts for the GBPJPY, I sense a strong reversal to the downside with a target in the 146.30-146.40 area. Even after the banks stress test results and a quick 60 pip spike to the north, it is still appearing that this pair will retrace a few hundred pips to the downside before moving up once again. Plenty of positive news around the world this week will tend to fuel a weak yen, but there has not been much retracement of the Sterling Yen thus far so some is expected. The target range is also a 38.2 fib level of the entire up move that started April 28th. Best wishes and happy trading!
Jason 😉
– FastPips.com
