Citibank goes long GBP/JPY

Citibank’s tech team went long GBP/JPY at 131.38 targeting 143 with a stop of 128.50.

–    GBPJPY is setting up to post a Death Cross, which historically (contrary to the perceived narrative) has actually been a good signal that a counter trend squeeze is likely. Another low to high 13 big figure rally in GBPJPY may once again be seen (would suggest GBPJPY at 142.25).
–    GBPUSD is in line to post a bullish outside week with a close tomorrow above 1.3097. There is also the potential  for this to be a double bottom with a break above 1.3481 opening the way towards 1.40+.
–    USDJPY is back close to its lows and a marginal new low, even if seen, looks likely to be posted with positive triple divergence on the weekly chart.

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