Price on GBPJPY has moving downside at the moment, after formed a Pin Bar on December 12th, 2016. Yesterday, price broke through below the support level on daily chart. This level has been respected as support and resistance in recent times as you can see on the daily chart below. This support level now acts as the new resistance level.
Will start looking for the opportunity to go short on this pair, if price pullback and retest the new resistance level. This opportunity can happen on smaller time frame chart like 4-hour chart below.
GBPJPY Daily chart
GBPJPY 4-hour chart
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