GBP/JPY to take a plunge

April 17, 2014 by


On the H1 we can see the start of a down trend line which has been hit 3 times and held. With it hanging above the the 55 EMA, and hanging above the 23.6 fib, I think if it breaks the 55, it should continue to fall to the 168.450 level, so a longer term trade, but with many pips to be taken. With the Nikkei pushing up, the yen is looking strong ATM, if the break of the 55 is played out, we should see a further plunge.