GBPJPY has been in an uptrend since April of this year. Price stabilized after hitting the 186.547 highs in late August.I plotted a daily range based on how price traded over the past month. Today's session close marks a clear indication that price is drifting to the downside.
Structurally speaking, I am directionally bearish. If price holds below the lower daily range boundary, I think strong downside potential can be expected as price reverses after the run-up earlier this year.
Note
Here's the 4-hour chart:Looking pretty good as price is holding and resisting off of lower levels.
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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.