GBPJPY Shorts - 200-300 pip drop highly likely right now.
The pair had a bull run earlier day and appears to have topped off, it has already broken down in the lower timeframes and the was lot of accumulation during the correction which means the move should have 200-300 pips within a session or two, the RR is good right now so shorting maybe a good idea depending on your risk factor. You loose around 60 pips if it's a fakeout but gain hundreds if analysis is correct.
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inital break a fakeout, stopped out @154.69, market went 10 more pips up but didn't continue, view is still strongly to the downisde.
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setup invalid now, GBPUSD has broken out and will take GBPJPY up.
