At this time last week, I discussed how the GBPJPY market structure favored sellers. The risk-sensitive pair was holding below descending channel resistance despite several weeks of churning sideways. Sellers had also carved a few bearish signals that had yet to materialize. There were two things I was (and still am) watching for here. If sellers could continue to defend the 149.30/50 resistance area, and; Whether or not those sellers could clear 147.00 support on a daily closing basis So far, the market has come through on the first point but not the second, at least not yet. Last Wednesday’s session produced a ... (full story)