GBPJPY: Great 400 PIPS potential with a weekly outlookMy bias for this pair is short since it's in an overall downtrend at the moment and a rejection of the 61.8 fib would confirm further downside, however a break of the 144 resistance with trendline break would turn my bias bullish as illustrated on the chart.
I'll be waiting to see how it reacts to the 61.8 fib , in the bigger picture I'm expecting a rejection of the 61.8 fib which would most likely give us a huge downside of 400 PIPS!
In the nearest future the market may continue moving downwards to reach the 140.6 level and then start a new bullish correction.
I haven't added any SL levels since you are better of by creating your own depending on the R/R ratio at the time you buy.
Keep in mind that the Japanese yen related pairs tend to be very risk sensitive. This is probably one of the most risk sensitive pairs, so having the stock markets rally simultaneously is a huge help for this market which can move 100 pips in the blink of an eye.
