Another Short Yen Opportunity

GBPJPY has been on my watch list since the last break of my weekly resistance at the beginning of May. I have been waiting for a break to the downside however unexpectedly price reached my Monthly resistance. Showing no breakthrough of such a strong resistance shows this pair may possibly still have bearish momentum. Price broke back through my support zone, respected my weekly support and we had a week of consolidation. The last 3 days of last week we had to strong pinbars and a very strong bearish engulfing candlestick which then broke through my weekly support. My downside target is the Monthly Support at 139.200. I don’t believe we will see another re-test or strong consolidation from this pair due to the candlestick confirmations we have.