GBPJPY - continuing or change of sentiment?
Think the GJ is going to reverse from here and go back down to the 153.50 region? It’s hit a brick wall 3 times there now but this appears to be the right shoulder of a fairly large head and shoulders pattern as well…not that that has made any difference recently, price has seemed to go up instead of down from H&S patterns 
I like the current daily trend which is up IMO. It previously breaks a counter down trend line and is testing the fib. 61.8. right at the daily up trend line. I think the last few daily bars are signaling a reversal to the upside. Theres a tripple bottom on the 1H chart which occour after the formation of the engulfing bullish candle on the 18th. What I’m now looking for is a break above the trend line shown on your chart then I’ll be looking for long entries.
Price isn’t currently in a place where I’m prepared to take a trade, but this is my view:
Twice has GJ tested and failed near the major 165 resistance. After the latest test it has moved down somewhat, but like cadarkitek says, the drop seems to have stalled above 154.0 and we may be looking at another bull move. Should this potential bull move fail again and reverse from 165, I’d be looking for a short price action trigger.
A long might be considered if price should drop further but then find support above the 150 support and reverse.
Right now, for me, it’s in no mans land. My two pips.
To me it also looks like a descending triangle is forming so i am watching for a breakout of that as well.
153 is major support area, once this breaks, it could be a landslide down.
The long term lower trend line on the four has been tested twice now, combined with lower highs. Daily, weekly are shouting downwards.
GJ hasn’t seen 165 since OCT’08… Yearly high to date 163.06 give or take a pip or two.
Currently, im trading her up and down, you know me… just looking for 50 pips a trade, but expecting her to break to the downside…149… 145… 136 (not all at once of course)
We’ll see how it plays out, but I think in the next few weeks, we’ll see a BIG drop… I have been thinking September, and she might just range till then…
I don’t think we’ll see higher than 160 to come in the short term, be looking for good shorts to add… currently hold shorts from 162.806 and 161.548
I think we’re on the same page here, just different time frames
Maybe I should clarify that I don’t require price to reach 165 or even very near, in fact a lower top would be a nice confirmation. It’s the pattern and reversal formation on daily or weekly I’m waiting for.
Well done on those shorts you already hold!
