GBP JPY = GBP USD x USD JPY

23 Jul 2017

GBP JPY has been falling as USD has been falling (GU up x UJ down = GJ Down). It rejected a major monthly/weekly zone with a double top pattern and shattered the previous upward trend line support early last week and has been dropping since. I expect more downside to hit the daily demand zone then maybe consolidate between these 2 major zones plotted until price action finds direction of a breakout past the upward or downward trend lines and makes a higher high or higher low.