Forex signal - Time to go short on GBP/JPY

GBP/JPY has broken a key resistance level on the weekly chart which may trigger a long term bearish trend that may go for 500 pips to a 1000 pips over the next few months to come.

Forex GBP/JPY monthly live chart

On the monthly chart above, the first sign of weakness on the forex currency GBP/JPY pair occured when candle stick 2, 3 and 4 where unable to close above the opening price of candle stick 1 (which is a big bearish candle stick). That is the first sign of a bearish trend reversal.

Forex GBP/JPY weekly live chart

Forex GBP/JPY weekly live chart

On the weekly chart above, you will see that the trendline which served as a very strong support level since 11/11/2012 has been broken.The breaking of that trendline that served as a strong support is a confirmation we should go short on GBP/JPY currency pair.
How to place your trade
entry: 171.565
stop loss: 173.465
Take profit: 157.600

Forex GBP/JPY daily live chart

On the other hand, if the resistance line on the daily chart gets broken upwards as shown above, it means the bullish trend will continue. until then, i will keep you posted.