Eklavya - GBPJPY

I am starting this weekly thread so I can post my weekly analysis of GBPJPY. I am going to use my analysis for making up my bias for the following week. Please feel free to comment on my analysis. I guess using a different perspective will only be better.

Expected to continue its downward journey. Don’t want to enter the trade as Risk/Reward is not favorable.

There is nothing that stops this from having another down week. I am already short on this pair. At least the next couple days are expected to be down days. After that it might be in for a retracement. It is difficult to remain in the pair and keep paying swap. This is also going to be a psychological test for me. Whether I am able to hold on to this during retracements. I have already riden this once to loss before turing back to profit.

This pair went out of whack last week due to the worldwide turmoil. Even though it had an up week, it closed as a pin bar on Friday indicating that in the initial part of the week we are going to see some downward movement. However, it will be interesting to see how this pair closes this week.