GBP/JPY: downtrend, correction and a new downward movement.
Double top and break under 160.32, which increase the probability for new downward movement.
Price under moving averages, which are in a bearish formation.
Despite the negative formation the pair is really volatile and risky for a trade with entries around the minimums of the bars. We should wait for a correction to the level of the break for a sell, while indexes are consolidating and the short-term movement stays long, which can strenghten the GBP, so sell after a little correction around 160.20
Another sell signal can be crossing of CCI(50) under 0.
Stefan D. Angelov - Head of Stocks Trading
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