The GBPJPY is approaching the upper bound of the downward trend channel which I believe might turn bearish at 162.46 - 162.75 region or it would breakout of the channel.
1. I believe price is currently unfolding wave 5
2. We can see divergence between price showing higher low while MACD and RSI are shown lower low
I am still bearish bias overall until price breaks the upper channel, but I would advise looking for short opportunities at 162.46 - 162.75.
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1. I believe price is currently unfolding wave 5
2. We can see divergence between price showing higher low while MACD and RSI are shown lower low
I am still bearish bias overall until price breaks the upper channel, but I would advise looking for short opportunities at 162.46 - 162.75.
Don't forget to like, your comments and follow me for more updates
Note
Like I mentioned, GBPJPY is overall bearish but it is currently ranging between 161.85 and 160.75. If price closes below 160.75 which is today's low then the expected trip to 162.46 region is cancelled, just keep on looking for possible areas to short
Note
GBPJPY is currently unfolding its wave iv of the uptrend from 158.25. Price has completed mini wave a and mini wave b which came in form of WXY, and wave c is currently moving down to 160.85 region before we see a wave v shooting up to 162.45 region.Feel free to leave a comment. Like and follow for more updates.
Trade closed manually
First target reached. Price is going to decline before we see another push to 162.67
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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.