The case of a bearish GBPJPY is now confirmed with the break of today’s low of 161.40. Bulls tried to break above 163.00 towards the start of London Session, but failed. I marked the double yellow dot. This area is line in the sand to determine if last Friday’s move is still supported by the bears.
GBPJPY, 23-03-13, London Session by traderh on TradingView.com
I was able to take out my position with almost 40-pips gain.