British Pound / Japanese YenEducation
GBPJPY, short after break retest weekly resistance?
After breaking the weekly support of 142.50, we've consolidated below the level for quiet a while now. We've retested 142.50 as resistance for 8 days straight, not able to break, close and stay above it. After breaking to the downside of the consolidation box we now retraced back to the key level since we got positive results from this morning retail sales numbers. On the daily we see the MA's crossing bearish and we got the evening star with it at the resistance level . On the 4H we are now closing to the 61.8 fibonacci level that lies a couple of pips below the key level, making this a very demanding and interesting price for bears. Since we remain and close this week below the weekly resistance I'm only interested in shorting the pair. Might take a position now or wait until market open in Japan session on sunday (since we know it's the retracementfase) for further retracement and wicks to the highs, testing the 71.00 fibonacci level.
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