The GBPJPY broke a major trend line from the post BREXIT lows in October 2016, all the way to the current price. This is a critical break, not only because we have tested this level on 4 different occasions. But also since we are now testing the 200DMA and have broken the 61.8% retracement of the last move higher (June lows to July highs).
One other major issue for this pair is that we had developed a longer term triangle, broke higher, but have now created a "false breakout" which likely trapped some longs over the last few weeks.
A test of the 140 level or below seems quite likely, but the market should be focused on the daily RSI that is close to dipping into oversold territory.
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