GBPJPY Analysis – Where is the bottom? (Dec 15)

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.

1. 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

2.