GBP/JPY Technical Analysis

• GBP/JPY breakout going towards W L3
• Downtrend continues until W L3
• Yen is getting stronger
• 153.25

H4 CHART EUR/USD

1. Flat bottom descending triangle
2. Breakout
3. 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.