We can see that price is a monthly resistance, and in the past days it showed a little retracement that ended up in the 23.6 fibs, indicating that maybe price my want to go and hunt traders SLs for more liquidity..Even though according to the COT Data, institutions are longing GBP, we can not undermined the fact also that JPY in the short term has also gain in strength. And also coupled with the fact that it is at a major resistance we need to see a clear confirmation before we long the
GBPJPY
. If not in the mean time Technically speaking, on the weekly we can see a W formation, and at the resistance, we might expect the pattern to be completed by coming backing to retest the neckline. So If and if only the market is going to show a sign of change in trend from the bullish to bearish, then we are going to take the trade with a good risk reward and a good probability to the upside.
GBPJPY
. If not in the mean time Technically speaking, on the weekly we can see a W formation, and at the resistance, we might expect the pattern to be completed by coming backing to retest the neckline. So If and if only the market is going to show a sign of change in trend from the bullish to bearish, then we are going to take the trade with a good risk reward and a good probability to the upside.