GBPJPY: "Is it the right time to take a sell position?"
Let's analyze the GBP/JPY chart and find some opportunities to make a profit.
Daily timeframe: As you can see, the chart price has been in a range zone since September 24. In the last few weeks, the price has made lower highs and lower lows. On the daily timeframe, the price broke 189.293 once on February 6. The pullback wave became weak according to the candlestick patterns
4H timeframe: The PRZ zone is marked on the chart with a light green rectangle. The Daily Pivots Standard is marked with the orange horizontal ray. You can draw a bearish trendline on the 4H timeframe if you trade with trendlines. I usually trade with higher highs in bullish trends and lower lows in bearish trends. So, I'm going to wait for the price to break the support line to enter my position. 190.748 could be a key level to enter a sell position.
Daily timeframe: As you can see, the chart price has been in a range zone since September 24. In the last few weeks, the price has made lower highs and lower lows. On the daily timeframe, the price broke 189.293 once on February 6. The pullback wave became weak according to the candlestick patterns
4H timeframe: The PRZ zone is marked on the chart with a light green rectangle. The Daily Pivots Standard is marked with the orange horizontal ray. You can draw a bearish trendline on the 4H timeframe if you trade with trendlines. I usually trade with higher highs in bullish trends and lower lows in bearish trends. So, I'm going to wait for the price to break the support line to enter my position. 190.748 could be a key level to enter a sell position.
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There is another oppourtinity to take short posiotion 
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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.
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.