The GBPJPY traded in a medium term range in the last two weeks, from 137.55 to 134.89. It was very difficult to trade that range because it wasn’t that well defined, but guess what, the GBPJPY broke that range earlier, during the European session:

The GBPJPY is likely to continue its way down until it hits the next LT support level around 131.65. I will be looking for short opportunities as long as the GBPJPY keeps trading below 134.89.

Trade Safe!

Raul Lopez
http://www.protradingnow.com/