GBPJPY fell off 61.8% retracement support yesterday. If this breakdown persists, we should see 161.00.
Given bearishness in the dailies, our main bias is to short. However, with more than a 1% swing yesterday from the high to the low, it's prudent to wait for a good bargain for entry.
Using fibs, 162.95 is the 50% of yesterday's bearish leg 163.15 is the 61.8%. That's bargain entry for shorts. Stop loss at 163.20 when the 61.8% is violated.
Another option, is to enter at 162.60 if you think that the bearishness is too strong to go back to 163.95. #OPINIONLEADER#
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