GBPJPY - correction to 50 MAV

GBPJPY has clearly rejected price at 126 level and has reentered a long standing downward trending channel.

It is possible that Pound will again rise to test a price level between 140-142 . Which coincides with

a. 50 period MA

b. Monthly R4 Pivot

c. Fib .618 retracement.

This may only take the conclusion of September....... So for the next 2 weeks there is a long bias....