FX.co ★ ckerluke | GBP/JPY

Greetings, colleagues. On the GBP/JPY daily chart, longs have sharply stalled. The rally has run into a sloping ceiling at the highs. Bears have started actively pressing the price down. The bullish momentum has faded. The volume profile shows a wall of orders right above the market. A heavy shelf is hanging in the 217.925–218.400 area. Bulls tried to buy out the drop, but they were quickly pushed back. The current quote has slipped to 217.522. The short-term trend support has been broken. I’m expecting further price dumping. Sellers are targeting buyers’ stop-losses. My target is a move down to the 216.000 support level. The main trendline runs there. From that area, bulls will likely try to bite back. I’ll be looking for a sell entry on the lower timeframes. I want to enter shorts on pullbacks. Longs are off the table. I’m hiding my stop above the 217.925 high.