GBP/JPY: Still running bear strategy; initial target at 181.40

I’m starting to get more bearish than ever on this pair but there is no point in being overly ambitious in the run up to Christmas.

I’ve got a short-term technical target at 181.40 and that seems like a good place to leave some take-profit flyers. Let’s see how it develops.

On the topside, I expect levels near 183.50 to provide intraday resistance.

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