Ever seen a GBPJPY waterfall? (Check the 5 min chart!)

Good evening ladies and gentlemen

Half way through the week and I hope it has been a productive one so far. Weather still acting dodge. I would also like to take a moment to say a few words about the King of Pop, Michael Jackson. Apart from being the best entertainer ever, His contribution to humanity was second to none. He was an inspiration to me. Thank you M.J.J!

So to the GBPJPY and let's see how she has behaved today. Over the last two days price had broken through several obstacles which may have prompted certain traders to unleash the ESLT depending on stratergy and TP. If you enetered Short you may find yourself in healthy territory now with a move of well over 350 pips. Thank you very much. Price has currently found S at a previous S level.

Below I have the 4 hour chart. MACD is doing higher lows but RSI has entered into OS territory.

Where is the next S and R level? How much further could price drop? Any Fib Breather levels to be concerned about? Could this be a FBO and see price reverse above the S level which it currently seems to be doing as the Bulls have pushed back the Bears around 50 pips while writing this update?!

I will leave it to you to do your own analysis.

I will leave you with this thought from none other than Mr. Michael Jackson and which very much relates to my 2 mentors "The greatest education in the world is watching the masters at work!"

Till tomorrow

Abundance is your Birth Right

Zaheer Anwari