GBPJPY remains bearish on H4 but, it is still bullish on D1 with one exception. Price has been drifting close to the Kumo on D1 and has recently completed a weak T/K Cross. Further drops in the
NIKKEI will drag this pair lower as the 
JPY is bought. The NIKKEI has a potential short V target of 11225 which is also in confluence with a 61.8% retracement. If the
NIKKEI see's a rally and continues its bullish trend to the bullish V target of 19790, look for the longer term N target of 164.558 and buy dips on the way.But if the
NIKKEI does rally and stops after tagging the D1 Kijun-sen, look to sell correlated pairs (or the NIKKEI) with stops at levels suited to your money management rules.Shorter term time frames would be dependant of volatility (1hr to 1 week) while look for longer term times at 1-3 months.
This could line up the period between August and October for some hefty drops (see 2007 & 2008)
Addendum: I posted this on my twitter feed regarding the $NIKKEI. The last time it met a large flat topped Kumo, it retraced then dropped.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.