GBP/JPY Might Retrace

 

The GBP/JPY trend is exceedingly bearish, that much is obvious on all time-frames, especially on the longer ones, from the daily to the monthly time-frames. However, the pair has formed a doji candlestick on the four-hour time-frame, right above the support at 141.25. The doji candlestick is a signal for indecision, rather than reversal, but it could be an indication for a short-term retracement, likely towards 142.00 or even towards the resistance at 142.50 before the move to the downside continues. That the move to the downside will continue is almost certain, considering the impressive hanging man candlestick and spinning top candlestick that have formed on the monthly time-frame at 148.00.