Great Britian Pound versus Japanese Yen after failing to break below 50% fibo retracement level and 148.80  price action, the bullish reversal from there confirmed that Pound Yen will be rallying towards our upper trend line 151.70. The hawkish move on the pair was limited by the Senkou Span B of the ichimoku cloud at 152.60 while the bears drove GBPJPY below our upper trend line and exponential moving average 50 in daily time frame. Currently the market is struggling against the 61.8% fibo retracement level at 150.54 but is expected to rally lower towards 148.80 (our major support zone) and exponential moving average 200 in daily time frame. Also dark cloud cover candlestick pattern can be observed from the current market formation which is providing bearish momentum to the pair and the odds are being weighed more onto the dovish sentiments. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

GBPJPY has broken below 150.60 which acted as one of our major support turned resistance now based on the positioning of 61.8% fibo retracement level. On the other hand , according to elliot wave pattern, GBPJPY is under a complex corrective structure for we can witness the pair being stuck between the daily and weekly highs and lows at 152.80 and 149.0 key price action zone. On the bearish side to be confirmed - we would require a closing below 50% fibo level which will open the gates towards further losses at 147.10 and 145.0. For the bullish side, we would require GBPJPY to breakout above the 152.60 and 153.30, which will confirm the hawkish trend on the pair. 

GBPJPY

Sep 30 2021