GBPJPY breaks mayor bullish structure

Key Resistance: 150.10
Key support: 148.50 – 146.50

The GBPJPY has broken with a 5-month long bullish structure and is now retesting the back of this structure giving us the opportunity to go short here on a possible bearish continuation.

In the short term, this pair is making lower highs and lower lows since it topped in the end of April at around 153.60; if this bearish structure continues we will get a continuation to the down side.

The Japanese Yen Futures continue to rally and are trading above their weekly pivot. Should the Yen continue to rally this bearish move on the GBPJPY is more than set up.