As seen from my previous post on GBPJPY, the trend is bearish and it seems that it's forming a head and shoulders pattern before it continues the downtrend to new lower lows. The price reached more than 60% on the Fib retracement, therefore we have a valid new lower high. The next lower low is expected to be at: 150.733.
On the 1h timeframe it shows a continuation of the downtrend with a bearish rising wedge. It is also close to hitting the 60% on Fib. retracement and we expect a downfall from this area.
