GBPJPY Bearish Bias for Daytrade
Updated
GBPJPYOn 4H chart, we can see that the price is at the resistance zone. And, we can see a 4H RSI Bearish Divergence.
On 1H chart, we can see a 1H Bearish Divergence on RSI, which confirms the bearish bias on 1H time frame.
On 10 min chart, we can see the bearish divergence on RSI that confirms the bearish bias on lower timeframe
And, we see the 50 and 13 EMA cross on 10 min timeframe, where I took the sell trade. Stop Loss above the recent high. Targeting for 1:2 risk to reward.
Stop loss : 41 pips
Take profit : 86 pips
Trade active
Note
Head and Shoulders pattern formation on 1H time frame, which is bearish.
Trade closed: stop reached
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