GBPJPY top-down analysis Hello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
Gbpjpyprediction
Short GBPJPY I will keep my bias on sells because on the following reasons:
1- Price is currently at Weekly Fib level 0.382, which is also a major resistance zone;
2- Double Top Pattern (4H);
3- 1 Engulfing bearish candle " (4H);
4- MA 18 and EMA 8 are crossing to the down side (4H);
5- MACD is losing strength and starting to give sell confirmation (4H).
6- On the Daily and 4H I see a Descending Bearish Continuation Triangle
NOTE: Price might react with NY opening.
GBPJPY 4H ProjectionGBPJPY 4H Projection
My view on GBPJPY for 4H.
GBPJPY is falling in a downtrend
Which is a LOT for such a major pair, especially given
That the bulk of the action happened in the last few weeks
So the pair is locally oversold
And I think that those who are in the short trades
Are looking for a level at which to close their positions
GBPJPY | Resistance aheadGBPJPY | Resistance ahead
GBPJPY has been in good momentum and bulls must be tired by now. We are expecting it will hit the resistance zone which is also the fib level and price will retrace back.
If it manages to break the rising trendline then we can expect more downside.
Trade your levels accordingly.
GbpJpy- New leg down is probableAfter reaching a high of 157.50, GbpJpy dropped pretty fast to 153 zone.
Now the pair is in recovery and, considering the flag formation from the recent bottom, continuation to the downside is probable.
155.50 is resistance and a good place to search for selling opportunities
GBP/JPY 4HR SELL SET UPHi TRADERS this is my trade set up for the GBP/JPY for the new week ahead
GBP/JPY IS in a nice correction and I will be looking for the breakout and possible retest before taking a sell trade
clean crisp charts I hope it helps if you have any questions please private message me
good luck for this weeks trading
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