Looking at the GBP vs JPY on the 4 hour time frame we can see first the awesome oscillator, which shows divergence against price on this time frame. Also, we are up against a daily and psychological resistance level & 154.0
I am expecting at least a short term downward move to the Kumo Cloud level at roughly 152.5 and possibly a drop to the daily time frame Kijun @ 151.943 anything below this level would possibly break the last support level of the Kumo and we could see a big drop to an area between the 149 and 148 level. I tend to believe the drop may be short term with ichimoku signals all bearish on the daily time frame and the 4 hour but once again a move below the cloud would change all of that. Have a great and blessed trading week.
I am expecting at least a short term downward move to the Kumo Cloud level at roughly 152.5 and possibly a drop to the daily time frame Kijun @ 151.943 anything below this level would possibly break the last support level of the Kumo and we could see a big drop to an area between the 149 and 148 level. I tend to believe the drop may be short term with ichimoku signals all bearish on the daily time frame and the 4 hour but once again a move below the cloud would change all of that. Have a great and blessed trading week.