As a result of rejection of the upper triangular resistance and declines lasting since then GBPJPY has breached support of this triangle formation (bullish trend line). As a result of last Friday’s growth market has reached and is now re-testing the broken bullish trend line, which rejected could open the way to further declines.

GBPJPY D1

Looking on H4 chart we find that this line coincides with local resistance and 61.8% of Fibonacci correction from the last downward impulse, where today first supply reaction has already occurred. Both in short and in a slightly longer time horizon, it is worth to consider PUT option on this instrument.

GBPJPY H4
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