GBP/JPY may go lower

GBP/JPY may go lower

Trade idea

SELL 141.65; TP1 140.70; TP2 140.00; SL 141.90

GBP/JPY will remain under negative pressure as long as it’s trading below the weekly pivot point at 143.30. On W1, the 50-week MA went below the 100-week line — a negative sign. On D1, the pair met the resistance of the 100-day MA and formed a lower high.

Still, this may just be a correction within the uptrend which took place since the start of January. As a result, selling will be sensible on a break of support in the 141.85/70 area with the target at the 38.2% Fibo and the psychologically important level (140.00).   

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