Not too late for a GBBJPY short entry

Unfortunately I missed that rally from September 2014, but I do not think it would be wise to go long for the time being simply because of a resistance zone I have been noticing.

GBPJPY Resistance
GBPJPY Resistance

It does not fit into the chartshot, but the lower tail in December 2014 should line up with the bullish bar between the two bearish candlesticks in terms of a support turned resistance level. It is possible to go in for an entry now, especially now to maximize your reward to risk ratio. I would put potential stop at 185.30 or tighter in case this continuation does not, well, continue.

GBPJPY 5 Minute Consolidation
GBPJPY 5 Minute Consolidation

One more time frame in, the 5 minute shows a consolidation. I expect it to break lower lower and so going short on the 15 minute isn’t too bad.

GBPJPY Daily
GBPJPY Daily

I would not look to go long even if this pair breaks out higher. I particularly like this lower high setup on the daily time frame. This pair has a projected 225~ pip drop before I presume another wave of Yen bears.

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