Selling strength in GBPJPY - Targeting the 78.6% Fib for entry

GBPJPY is Bearish - We look to Sell at 133.20

▪️ The medium term bias remains bearish.
▪️ We have a 78.6% Fibonacci pullback level of 133.21 from 133.55 to 131.94.
▪️ Positive overnight flows lead to an expectation of a firm open this morning.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 133.20, resulting in improved risk/reward.
▪️ Expect trading to remain mixed and volatile.

Stop: 133.50
Target1: 132.00
Target2: 131.50