GBPJPY Breakdown
Starting off with the monthly timeframe we can see that after failing to break monthly resistance key level 150.00 price sharply reversed to the downside to find support again. Price had failed to surpass this level for several months.
If you zone out a bit to see you can see a potential double bottom forming
Weekly: Looking at this timeframe we see the downtrend momentum with price making lower highs and lower lows. Price broke weekly mid range support 145.00 (now resistance) with no level of support found in the last month.
Daily: We can see although support levels were formed price still continued to fall sharply. Our next area of support is around 136.00 which is near our weekly midrange support 135.00. We got support at 136.790 so we would see a retracement to daily resistance 138.720 before the weekly midrange level 135.00 is met.
We are gonna have to wait and see what happens in the next coming days to determine where the opportunities for us to enter orders will be. But for right now market condition is showing us bearish sentiment.
If you zone out a bit to see you can see a potential double bottom forming
Weekly: Looking at this timeframe we see the downtrend momentum with price making lower highs and lower lows. Price broke weekly mid range support 145.00 (now resistance) with no level of support found in the last month.
Daily: We can see although support levels were formed price still continued to fall sharply. Our next area of support is around 136.00 which is near our weekly midrange support 135.00. We got support at 136.790 so we would see a retracement to daily resistance 138.720 before the weekly midrange level 135.00 is met.
We are gonna have to wait and see what happens in the next coming days to determine where the opportunities for us to enter orders will be. But for right now market condition is showing us bearish sentiment.
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