Short on GBPJPY - Signals for U-turn
Updated
Long-term target based on the latest BoJ interest rate hike and signs of a positive outlook for Japan's economy. Technically the pair is scraping around .618 FIBO level which is 195ish - there's still some room to hit the level.
1st target = 170 (0.382 FIB)
2nd target = 160 (156-157 - resistance/support of the past price action).
1st target = 170 (0.382 FIB)
2nd target = 160 (156-157 - resistance/support of the past price action).
Note
A closer look on Weekly. GJ took it higher latest high (Jun '15) as .618 FIB sits around strong figure of 200.
Note
198-200 proved to be a point sellers were looking forward to.Looking at a Daily timeframe, 200EMA was hit once and I expect it to be a next support on the cable-yen's way lower.
Note
Although somewhat above 200, we are still around major resistance level. Note
4H shows 
GBPJPY might want to complete the recent bounce towards 200 level again.
Once it's there, 200 might be a good point to sell the pair.
Note
There are dovish talks over BOJ interest rate which push the Yen downwards. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.