DislikedI just took a look at all of the monthly charts and you are definitely right, there is a bearish engulfing for GBP/JPY on the monthly, however, I don't see that on any other JPY cross pair therefore I am a little hesitant about the credibility of this particular candle.
Typically JPY pairs move in tandem with each other, some faster and some slower. We are definitely in a weekly and now monthly uptrend for ALL JPY pairs so when it comes to long term trades I would hesitate to go short.
Of course the occasional day trade and even swing shorts...Ignored
Chew on that for a minute.
Furthermore, this week's PA attempted to push below the 100ema, but it was rejected and, baring any craziness tomorrow, we'll close above it.
In laymen's terms: we've tested the 100ema as support after breaking through it. Assuming it holds through tomorrow, that's a very bullish sign.
check out my blog: forexmademillionaire dot com