GBPJPY pair (as well as USDJPY) has been down for the entire week.
Where is the bottom?
Previously I wrote “I am now Bull with this pair” because the price was above Daily Ichimoku Cloud. But the price dropped off from Daily Cloud.
Thus I cannot buy this pair until we confirm the drop is over.
The drop may be because of “Risk Off” momentum.
Before FOMC, I am not sure if it makes sense to post any trade setups today.
Instead, I would like to consider where the bottom may be, simply from Technical analysis point of view.
- Weekly Ichimoku
The price is in the middle of the cloud. I am considering the bottom of the cloud can be a support for this pair.
The bottom of the cloud is 181.90 
