Aug 11: GBP JPY - Long Term Trend is still UP

GBP JPY Trend:

1. Intermediate Term Trend: DOWN

163.1 level last Friday is ITD 7 high. We are travelling down to ITD 8 low due around Friday Aug 21.

2. Medium Term Trend: DOWN / UP

There's a probability that ITD 7 high is also MTD 1 high. If MTD is down, then ITD 9 high later will be lower than ITD 7 high and ITD 10 low will be lower than ITD 8 low. ITD 6 low at 153.9 could be broken too if MTD is down.

Alternatively, MTD direction could also be UP. If this is the case, MTD 1 high will be due at ITD 9 high, and ITD 9 high will be above ITD 7 high.

3. Long Term Trend: UP

The break of 162.6 level is significant because this level is both MTD 12 high and LTD 9 high. This confirms that long term direction is UP and that MTD (12) low and LTD 10 low at 146.75 is the long term base. This also means that 163.1 will be broken again sometimes in the future.