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GBP/JPY momentum switched to negative

Increased downward momentum in the GBP/JPY has brought the 4hr MACD to step in the red zone.

This technical condition would certainly not be of much help if the MACD hasn't been under zero for at least one week of trading. This reinforces the argument that room for further GBP/JPY depreciation is there.

The signal may be either taken by trend-following traders as a trigger to liquidate long positions as by potential sellers to prepare their short commitments.

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After having a stellar bullish run last week, the Aussie has opened slightly weaker in Asia, currently at 0.7228 against 0.7238 last NY close, with Valeria Bednarik, Chief Analyst at FXStreet, noting that indicators support further advances.
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