[m.youssif]

GBPJPY Forecast
The GBPJPY was corrected high on Friday, topped at 126.98 and struggling around 126.50 at the time I wrote this comment, moves in a volatile but ranging market condition since Thursday. This fact should not be a surprise as from a longer term outlook on daily chart price is in critical phase, testing a major support as you can see on my daily chart below. The major scenario remains bearish, but note that the horizontal line could be a potential bottom for now. However, I see no technical bullish reversal signal so far, so I still prefer a bearish scenario at this phase especially if price able to make another strong break below 125.50 targeting 124.50. On the upside, a break above 127.00 could trigger further bullish pullback testing 127.50 which could open the door for further bullish pullback as we have no significant bullish correction since the strong bearish move from the mid of December but until I see a potential bullish reversal signal, I am still in a bearish mode.

[m.youssif]

GBPJPY Forecast
The GBPJPY was corrected high on Friday, topped at 126.98 and struggling around 126.50 at the time I wrote this comment, moves in a volatile but ranging market condition since Thursday. This fact should not be a surprise as from a longer term outlook on daily chart price is in critical phase, testing a major support as you can see on my daily chart below. The major scenario remains bearish, but note that the horizontal line could be a potential bottom for now. However, I see no technical bullish reversal signal so far, so I still prefer a bearish scenario at this phase especially if price able to make another strong break below 125.50 targeting 124.50. On the upside, a break above 127.00 could trigger further bullish pullback testing 127.50 which could open the door for further bullish pullback as we have no significant bullish correction since the strong bearish move from the mid of December but until I see a potential bullish reversal signal, I am still in a bearish mode.