Looking for Opportunity to Sell GBP/JPY

[B]My picks:[/B] Looking for an Opportunity to Sell GBP/JPY
[B]Expertise:[/B] Fundamentals Combined With Technicals
[B]Average Time Frame of Trades:[/B] 1 Day - 1 Week

In the near-term (next day or so), there is upside potential for GBP/JPY in light of the pair’s bounce from support at 155, especially if we see US equities hold above 8500 over the course of the trading day. That said, I think there’s still downside risks for the JPY crosses in general in the medium-term, which is something I discussed in yesterday’s Daily Fundamentals (in the first section).

There are two levels I’ll be watching: 157.80/158.00 (falling intraday trendline and 38.2% fib of 162.62-154.97) and 159.66/160.00 (6/3 highs and the 61.8% fib). However, if we do not see a bounce, I will consider selling GBP/JPY on a break below 155 to target 150.00/50 (psychologically important level, former resistance, and location of rising trendline).