GBP/JPY technical analysis
GBP/JPY breakout going towards W L3.
Downtrend continues until W L3.
Yen is getting stronger.
H4 chart GBP/JPY
Flat bottom descending triangle.
Final target/Bounce zone.
Yen is on the move. Strength in Yen translates to Risk off. This is the situation when we have risk off.
1.100% risk off sentiment.
2. Gold up.
3. Commodities prices down.
4. Equities down.
5. Yen strengthens as a result.
GBP/JPY should come down towards the W L3 level. The breakout point was the break below 155.24. The price should go towards D L3 153.46 and D L4 152.87. In case of hitting 153.25, there should be profit taking and bulls might move the price higher towards 154.65.