FxWirePro: GBP/JPY bearish swings to extend, stay firm with GBP/JPY shorts, 177.125 on the cards

GBPJPY confirms bearish trend upon the formation of shooting star and hanging man on monthly charts to break support at 180.989 levels.

After last week's "back to back spinning top" pattern candles to break support at around 184.30 and 183.641 levels respectively on daily chart.

Hence, our long term perspectives remain firm and we could proclaim that trend has reversed and sustained below 21DMA about more than 2 weeks.

These bearish signals would prevail to target our next price objective at 177.125 and 175 as well, bearing previous short term upswings in mind, although abrupt rallies may pop up in between but certainly not above 181.790 levels.

Hanging man and shooting star patterns at 193.456 and 185.259 respectively on monthly charts are figured out that vouch more declines.

We don't think bears should panic as minor upswings are likely every now and then. Now no room for misconception as we are not favoring these minor upswings in between.

There is no deviation at all and we've been firm to be bearish since September and would still carry the same stance on this pair.