GBPJPY (1H) - short term bearish bias
On the daily chart, the pair has been in a rectangle consolidation pattern for the past month. As the price moves sideways near the 30-day moving average, one can only expect a breakout this week. Would it be bullish continuation? The hourly chart puts the intraday action in a downbeat mood though. The previous high of 140.50 which coincides with the bearish trend line will cast a shadow as the pair inches towards the RSI's over-bought area. We would expect strong selling pressure in that supply zone.
Key support: 139.30
Key resistance: 140.50
On the daily chart, the pair has been in a rectangle consolidation pattern for the past month. As the price moves sideways near the 30-day moving average, one can only expect a breakout this week. Would it be bullish continuation? The hourly chart puts the intraday action in a downbeat mood though. The previous high of 140.50 which coincides with the bearish trend line will cast a shadow as the pair inches towards the RSI's over-bought area. We would expect strong selling pressure in that supply zone.
Key support: 139.30
Key resistance: 140.50
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.