GBPJPY: Systemic Top being formed. Sell.

GBPJPY is on a bullish 1D technical outlook (RSI = 65.529, MACD = 1.210, ADX = 62.251), which is a natural consequence of the strong 3 week rally since the January 2nd bottom. However this rally appears to have come to an end as not only has the price hit and got rejected twice on the R1 level (188.660) but the 1D RSI has also reach the top of its six month Channel Down and is reversing.

The price action's HH trendline is a little higher, so we can allow some space for a final blow off top before a selloff. The Sine Waves so a clear and very consistent Peak-Bottom pattern and right now the price is exactly on the Peak. Consequently, we consider the current price level as a low risk sell opportunity. We are targeting the 1D MA200 (TP = 182.350).

See how our prior idea has worked out:


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