The GBP/JPY confirmed the expected extension of the decline toward the 121,50 area with even an undershooting that could lead this cross even lower toward the 120 area.
The indicators of the daily chart are now negative as well as those of the s/t ones where we have already oversold conditions. Bullish divergences confirm however also a negative tone suggesting further downside risk.
Possible rebounds should find resistance already at 121,70 before the 122,50 area.
For now we prefer remaining on the sideline waiting for lower levels!!
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