In the few days, we have seen some JPY strength! Some pairs with JPY as secondary currency were in a bearish trend for the last few days, a good example of them is CADJPY and EURJPY!
The same scenario we can see in GBPJPY!
Currently, this pair is in a bearish/downtrend structure. Not just that, on a daily timeframe, we can see that price is at 78.6% Fibonacci retracement level!
Even though the Friday daily candle indicates that still bulls are powerful but Monday price action on a lower time frame i.e. H1 and H4 will play a great role to determine the direction bias on this pair!
As far as higher timeframe goes there's a possibility that we might witness some GBP weaknesses in the coming week!
The same scenario we can see in GBPJPY!
Currently, this pair is in a bearish/downtrend structure. Not just that, on a daily timeframe, we can see that price is at 78.6% Fibonacci retracement level!
Even though the Friday daily candle indicates that still bulls are powerful but Monday price action on a lower time frame i.e. H1 and H4 will play a great role to determine the direction bias on this pair!
As far as higher timeframe goes there's a possibility that we might witness some GBP weaknesses in the coming week!