GBP/JPY Is Still Very Bearish

GBP/JPY continues its move to the downside after its sharp drop at the end of last week. The pair briefly consolidated sideways above the support at 139.50 then it continued falling despite the spectacular hammer candlestick that had formed above that level on the four-hour time-frame, as well as the clear double bottom that was also above that level. Currently the pair is testing the support at 139.50 and unless it forms a triple bottom and bounces off from that support the move to the downside will continue, especially considering the overall bearish trend that began after GBP/JPY formed a shooting star candlestick on the weekly time-frame at 148.10, a signal which is still quite valid.