GBP/JPY - SHORT TRADE

MONTHLY:
- MONTHLY TIMEFRAME IS SHOWING THAT WE ARE IN A DOWNTREND AND ARE DUE A LOWER LOW
- EMAS ARE LOOKING BEARISH, PRICE IS BELOW BOTH THE 50EMA AND THE 200EMA
- JANUARY WAS A LOW TEST CANDLE PIERCING BOTH EMAS
- FEBRUARY BROKE BOTH EMAS AND HAD A GOOD STRONG CLOSE

WEEKLY:
- THE WEEKLY TREND HAS NOW REVERSED AND LOOKS LIKE WE ARE STARTING A DOWNTREND, DUE A LOWER HIGH
- EMAS ARE CONVERGING
- PRICE HAS NOW BROKEN THROUGH THE 200EMA AND WE CAN WATCH FOR A POTENTIAL RETEST AND CONTINUATION
- THE LAST FEW WEEKS HAVE SHOWN GREAT BEARISH MOMENTUM
- LAST WEEKS BULLISH ENGULFING CANDLE GOES AGAINST SHORTS AT THE MOMENT

DAILY:
- PRICE IS MAKING LH'S AND LL'S AND WE ARE NEXT DUE A LOWER HIGH, GIVING US A POSITION FOR A SHORT TRADE
- WE HAVE 2 FIBONACCIS ON THE CHART, THE LARGER ONE HIT 38.2% AND HAS HIT FIB D1
- A NEW FIBONACCI IS IN PLACE AND WE ARE NOW LOOKING FOR A RETRACEMENT, NEW FIB D1 IS IN LINE WITH LARGER FIB D2
- WE ALSO HAVE AN OLD HEAD AND SHOULDERS PATTERN ON THE CHART

WAITING FOR:
- DAILY BEARISH CLOSING CANDLE TO CONSIDER A SHORT POSITION
- WE COULD THEN TAKE A POSITION DOWN TO 148.90