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    Technical Analysis – GBPJPY gaps lower, downside bias remains

    GBPJPY gapped lower on Monday and opened at 189.44 compared to 191.32 at Friday’s close. The pair fell to as low as 189.35 before recovering slightly to rise just above 190.

    The intraday bias remains to the downside as RSI is in bearish territory now below 50 and the tenkan-sen is pointing downwards. For now a short term top is in place at the June 24 high of 195.87 after the rise from 174.86. The market is still above the Ichimoku cloud and so we cannot say that there is a reversal of that uptrend yet. We would have to see a retracement of this upleg of more-than 50% to see the upside momentum weaken (so a fall below 185.34). A full retracement of the recent rise and a break below 174.86 would see a reversal in the recent uptrend.

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