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Technical analysis (chart and candlestick patterns occurred): GBPJPY formed inverse saucer pattern on daily plotting.
Bears extend through inverse saucer to signal further weakness, price in this minor trend slide constantly below DMAs.
Though you see some minor upswings, failure swings have been observed recently at the stiff resistance of 141.057 levels.
The prevailing downtrend is likely to extend on intensified bearish momentum and bearish DMA & MACD crossovers.
Hence, today’s mild price rallies have not been convincing as the momentum and trend are in conformity to the downswings (in bears’ favor).
On a broader perspective, the major downtrend that went in the consolidation phase has now resumed bearish streaks again (refer monthly plotting), where the engulfing pattern has occurred at 156.929 and rail-road pattern at 144.165 levels on monthly terms to nudge prices below EMAs. Consolidation phase fails at 61.8% Fibos, Major downtrend back in action as bears on verge of retracing 78.6%.
One can now uphold shorts in futures contracts of mid-month tenors with a view to arresting further potential downside risks. Writers in a futures contract are expected to maintain margins in order to open and maintain a short futures position.
Alternatively, on daily trading grounds, at spot reference: 138.516 levels, we advocate shorting for targets up to 137.500 levels with the strict stop loss of 138.933. Thereby, the strategy is likely to fetch decent yields with an attractive risk/reward ratio.
Currency Strength Index: FxWirePro's hourly GBP spot index is flashing -6 (which is neutral), while hourly JPY spot index was at 61 (bullish) while articulating (at 07:31 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
