The GBPJPY is respecting the psychological levels very well at the moment as seen today when price broke below 128.00 and then moved 50 pips down to 127.50. If support at 127.50 breaks then 127.00 should be a nice 50 pip trade to the downside. Note that when 128.00 broke it was 45 min before bearish momentum picked up and price fell. There was a retest of 128.00 as resistance after it had been broken as support and this process took 45 min. So, be patient and wait for the support to truly be broken and even retest 127.500 as resistance before going short…

The GBPJPY is now below the Monthly Pivot Point, the Weekly Pivot Point and the Daily Pivot Point as well.




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