Last week we had a stop out on GBPJPY but it just means we got in a little bit too early. On the weekly timeframe we can see that price has been retracing to the upside but overall we are in a downtre.d we are currently in a ponteital weekly LH zone which means a huge move is upon us. Last weeks candle closed with lower volume to the upside and a wick so buyers are starting to lose steam.
On the H4 timeframe I mapped out the current trend that we are in. We are in an uptrend that has been forming HH’s and HL points. Once price manages to break one of the HL points then we can look for a lot of momentum on this to the downisd.e the major level to break here would be the 151.500 level. That level is a previous LL point of main structure and holds a ton of sellers.