Pound Yen Retraces Before 179.00 Target

A steep pullback in the yen pairs Monday as the Dow closes down nearly 200 points- S&P down -23.62 pts- Nasdaq -65.94.  The pound got pounded vs. the yen, and yet, I'm still not convinced that this massive bull system is out of steam.  Taking a technical look at where we are,

A breach and close below the real body of the monthly candlestick of December 2013 at 167.59 would urge caution.  A breach and close below the December 2013 monthly low at 165.85 will change my outlook on what to expect for the first half of 2014.

Now we get to why my bias is stronger for a continued upward move.  Hovering just above this price action is the 200-MONTH moving average at 178.81.  A moving average every technical trader keeps within his or her scopes.  Regardless to whatever fundamental data that may say otherwise, this level, no doubt, attracts price action.  Given the amount of volume that has gone through so far since September of 2012 in virtually every yen pair, I do not anticipate a bearish move or any form of resistance until this level is reached.

I am bullish $GBPJPY on these retracements.  I am buying all the way to 167.59 targeting 179.
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