Selling GBPJPY
From a technical and trading perspective the GBPJPY has tested a resistance cluster 1.4100/50 fib and trendline significance. Tuesdays bearish key reversal coincided with an exhaustion volume spike on the prior test of resistance, the tails on the daily candles combined with daily divergence suggest near term exhaustion. A breach of 1.2905 today would confirm the reversal pattern and open a move to test prior resistance as support at 1.3560, a breach of 1.4085 would negate the pattern and give cause to reassess.
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