GBPJPY is proceeding with downtrend and as long as the H5 holds (189.00) 177.40 is the target. Looking at the chart we can see that the move is already happening and the target is L5. Meanwhile H4 chart is showing a zig zag downtrend and the first support is 181.60 with next support zone at 180.35-00. Have in mind that we are looking at mid term setup, so for all who are holding shorts from 187.xx zone, it is a good sign as the price is behaving technically valid. POC for next pullback comes at 184.10-30 (DPP, previous 5-touch bottom,38.2) and X-cross and H3 are giving the price a strong resistance at 184.90. So mid-term shorts are in profit while short-term traders could find now moment sellers at POC with 180.35-00 initial target. Any H4 close or momentum break below 188.00 will target 177.40, so the valid breakout trading should include either Breakout-Retest setup or valid BPC pattern (Breakout-Pullback-Continuation) on H1 timeframe.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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