GBP is Bearish as Theresa May will be triggering Article 50 by end of March 2017. I will look for a possible short on this pair.
GBPJPY - Daily
On the Daily Chart, the Market (21/55) is flat. Price (5/8) is flat. Stochastics is over bought and indicating that Bears might enter market. Overall Price is ranging and at the moment Price is at MS1 and the minor psych level 141.5.
GBPJPY - H4
On the H4 Chart, the separation between the 21 and 55 is narrowing. The Price (8 above 5) is Bearish. Price found support between minor psych level 141.5 and MS1.
GBPJPY - H1
On the H1 chart, the Market (55 above 21) is Bearish and the angle is down with a wide separation. The Price (8 above 5) is Bearish. Stochastics has just crossed and moving up. Price has broken through previous support between psych level 142 and DM2, which is also the WS1. I want to sell this pair and will look for price to make a lower high. I will look for resistance around 142.0 which is fib 61.8.