GbpJpy -> Short Squeeze Over?

Hello Traders and Investors,
my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of GbpJpy💪

After GbpJpy broke out of a major long term monthly triangle formation all the way back in 2021 there has been a major rally of roughly 4000 pips towards the upside on GbpJpy.

However by looking at the weekly timeframe you can see that GbpJpy is a little bit overextended at the moment so I do expect a retracement at least back to the 0.236 or 0.382 fibonacci retracement level.

And it seems like with today's candle GbpJpy is breaking daily structure towards the downside so I am first waiting for another bearish push and if we then get a retest of the previous structure zone and some bearish confirmation I then do expect another daily bearish drop to retest the weekly fibonacci levels.

Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint📈

Thank you for watching and I will see you tomorrow!

My previous analysis of this asset: