A jittery start to the trading week with most European bourses moving to the downside, bar the FTSE. Yen crosses are still pushing to the upside despite the risk off scenario.
GBP/JPY, and we have a sold upside barrier at 162.12-162.18
Will we correct lower in the next few hours to form an intraday bearish Butterfly, cypher formation?
Looking to the weekly chart and my long-term bias is to sell into to rallies with the downside potential towards 134.55-134.11, completing a Crab formation over the next few months.
This setup, leaving a 50% balance on after the initial drop to 160.12, offers a great risk/reward.
Will the second tier Japanese economic releases overnight give the setup a boost?
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