GBPJPY - end to lower weekly highs signals profit taking recovery
​A small weekly Shooting Star at May's 2017 GBPJPY high at 148.12 which has been formed near a 62% recovery to the losses posted since the Brexit week high has left signals in each of the last 4 weeks as bearish. These have been confirmed with a strong reversal and with last week's trading posting initial losses of almost 2 Big Figs. However, for the 2nd week in a row buyers have returned to the market from ahead of the 200 day average rate, sentiment recovering to close little changed on the week overall. The trend of lower weekly highs has been ended, albeit marginally, but it has switched this week's signals to very cautiously bullish, buying modestly on the open and then at 140.05, last week's low with a stop loss at 138.37, June's base. Targets are to 142.45, last week's high, 143.96, June's top and 145.45, the 5 week high trade.
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