yen has continued to show its domination over all its major counterparts this week, including the pound; creating lower lows and highs, and breaking significant support levels. with price having broken below 139.50, creating a lower low around 138.00, I will look for a short between 139 and 139.50 as downside continuation appears most likely.

GBP/JPY daily chart

Price is trading below red trend line, and thus momentum is still to the downside; price has opened the month lower than MPP, and thus may reach target of MM1-MS2; should we not get a bounce at MM2.

GBP/JPY h4 chart

Price has come off WM3 and hit weekly target of WM1; however we are still trending on this time frame, in that we have made a lower low, and thus a lower high is what I am looking for. resistance is eyed at 139.00 as well as 139.50, which both coincide with the 50-61.8% fib levels shown on my chart

GBP/JPY H1 chart

Price is currently opening up at DM3, a bearish entry zone, with target of DM1. This also coincides with 139.00 psyche level and 50% fib as well as being role reversal resistance. However, If i do not get a reversal pattern around this area, I will look to the DR1 area for entry, as that is also an area of resistance, as it is also role reversal support turned potential resistance, it is also the 61.8 fib level, and is also the 139.50 psyche number.

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