GBPJPY Fx Reversal Signals – Ready for falls?
A quick note on the GBPJPY forex pair outlook.
Price has reached the 15300 level and rejected, confirming a strong sell signal / reversal pattern.
Logical price action laws suggest this is the termination of the most recent recovery and as long as prices remain under 15300 resistance, the market has a solid chance of now selling off back into lower levels, closer to 14800 and then 14480. Its not a certaintiy, but we may actually see this pair rotate all the way back down into 14000 levels once again, as this is the most recent low, and would be a logical target.
The GBPJPY pair is notorious for its volatility, so watch it closely, and favor the sellers under 15300 in the near term. see price chart below.