On the 8th this month we experienced a massive twist that made the GBP/JPY go down which was not expected. This has gone against my previous analysis which was for a bullish month and is now bringing up questions on the why and what went wrong.
I've found a similar event that occurred on the 11th of January this year to the 2nd of February (26 days) as highlighted on the chart in full black. After the 2nd of February on the 5th after the weekend it dropped and continued until the 1st of March.
From that event, I have highlighted the next projected drop in dotted lines for this current down trend. The projected timeline for this downtrend may last 20+ days. Please not however I may be wrong, as I hope, and that it bounces, recovers, and continues to have an up-trend this month.
I've found a similar event that occurred on the 11th of January this year to the 2nd of February (26 days) as highlighted on the chart in full black. After the 2nd of February on the 5th after the weekend it dropped and continued until the 1st of March.
From that event, I have highlighted the next projected drop in dotted lines for this current down trend. The projected timeline for this downtrend may last 20+ days. Please not however I may be wrong, as I hope, and that it bounces, recovers, and continues to have an up-trend this month.