GBPJPY - RETEST OF BREXT REJECTION ZONE

The $GBPJPY has been on an absolute tear lately & because of that there's a massive bullish continuation association with the pair. Being a contrarian (as most traders are) whenever I see & hear this sort of talk I automatically start looking for shorts.

If we venture up to the weekly timeframe you'll notice that we have once again retested the 2016 BREXIT rejection zone which up to this point has not been violated. In fact, the past few times we tested this zone, price retraced all the way back down to the lows of the channel.

Now I have no idea if that will happen this time, but what I can tell you is that we're about halfway complete a classic reversal pattern which means we should keep our eyes open for some sort of relief and move lower.

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Wish you a great trading week - Akil