GBPJPY has been moving lower off of Pound weakness and Yen strength. Technical analysis below indicates resistance for further short positions and support for a counter trend long position.
Market is currently flat with price being bearish. Price came off of last month's MPP at 145 at the end of January with support eyed between 137.50 and 136.50 which coincides with MS1. This could be the bottom of the current range. With price having come off of MM3 at the start of Feb the target is MM1 with resistance eyed at MPP.
Market is bearish and price is bearish. Stochastic is currently oversold in a downtrend. Price did not come off a weekly bear pivot though the bearish target remains WM1 at 138.50 - 137.50 with MS1 at 137. Resistance is eyed at WM2 which could play as role reversal. Note that MPP is just above 141. Note the 21 EMA is currently in this zone between 141 and 140.50. Price is currently at WS1 which is also the 38.6% fib of the bullish move from Oct to Dec 2016. Any sell would have a target of WM1/ WS2. Note that if price hits WM1 then a counter-trend trade would be to buy with a target of WPP. Note that if price comes off of WS1 and breaks through the resistance mentioned above then the weekly target, according to pivot theory, would be WR1/ 143.50.
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