Similar to other Pound pairs, GBPJPY took a hit during the last 2 trading days of last week. This 250 pip decline has led me to believe that the 155.0 psychological level, which also happens to line up with key monthly resistance, has held firm and further retracement is looking imminent. As we can see price has rejected from that level and has also breached the ascending trend line I have drawn on the chart. 8 hour structure has also been broken as the most recent reference low around 153.750 has been clearly taken out. I will personally wait for a slight pullback to 154.2 before taking my short positions. Stops being above the wick on the last daily candle and take profits being at 154.3, about 100 pips above our Daily and Weekly support level that I have marked on the chart.
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Note: Shorts can be taken anywhere from 154.0 to 154.3 as this is my sell zone. stops and take profits being the same as listed above.
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Take Profits should be at 151.3, not 154.3. Apologies for the error.