GBP/JPY Forecast April 18, 2017, Technical Analysis

The British pound initially fell against the Japanese yen on Monday but turned around to form a hammer. Because of this, looks as if we are going to try and bounce, but we are most certainly in a downtrend and have certainly seen a breakthrough of resistance recently. Because of this, I’m waiting to see and exhaustive candle that I can start selling. I have no interest in buying currently, and I would also be a seller on a breakdown below the bottom of the daily candle for the Monday session. With this, I remain bearish.

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