The GBPJPY is approaching a key inflection point on the 4-hour time frame. On Sunday, I pointed out last week’s retest of former channel support that extends from the 2017 low. However, buyers weren’t ready to give in just yet. This week’s bounce from the 147.00 area shows there’s still some strength to work through before the next leg lower can materialize. A look at the 4-hour chart shows a level that could signal weakness if broken. The short-term trend line from the May 29 low is under pressure as I type this, and although it’s holding as support, buyers appear to be struggling. Patience is usually the best ... (full story)