GBPJPYi, Been aggressively bullish throughout the month of September due to fundamental aspects regarding Brexit negotiations, now showing signs of role reversal as we creep closer to December where we should see signs of JPY strength.

GBPJPYi, H4 Strength Meter

Strength Meter indicating GBP at 4.5% and JPY at -2.8% respectively for the month of September


GBPJPYi,H4 Chart - Technical Analysis - (27-09-2017)

Head and Shoulders pattern showing role reversal, 5MA and 8MA headed for a crossover, 21MA and 55MA showing the market to be flat, Price has reached the MPP target above the MR2 and just below MR3, with the WPP projecting a target of WS2, I see a possibility of a retracement to the 38.2 fibonacci if WPP target is reached, predicting a bearish trend to the 161.8

Source: MT4

GBPJPYi,Daily Chart -Technical Analysis - (27-09-2017)

With H4 chart showing role reversal and MPP target reached below the MR3 level (Bullish Profit Zone), the Pivot Point retracement target should be headed down to the MPP/MM3 zones respectively, price respecting these zones I see a retracement to the fibonacci 38.2, with new MPP a price target will need to be monitored, but expected to reach fibonacci 161.8 level

Source: MT4

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