Sell GBPJPY
Updated
Following the completion of a bullish flag pattern, price encountered a significant obstacle at the key resistance level of 184.400. Notably, during this interaction with the resistance, a bearish divergence has emerged, signaling potential downward pressure. Adding to the bearish sentiment, price has breached the higher low level, situated at 183.560. This breach may attract sellers, creating a potential scenario for renewed bearish momentum.
Looking ahead, it is crucial to monitor the 183.560 level as it now serves as a key resistance-turned-support zone. A sustained dip below this level could reinforce the bearish outlook, with sellers potentially regaining control. On the downside, a critical support level to watch is at 182.200.
In summary, the combination of the bearish divergence, the break of the higher low level, and the resistance at 184.400 suggests a cautious stance. Traders should keep a close eye on the levels mentioned, particularly the 183.560 support-turned-resistance and the critical support at 182.200, to gauge the potential direction of the market.
Looking ahead, it is crucial to monitor the 183.560 level as it now serves as a key resistance-turned-support zone. A sustained dip below this level could reinforce the bearish outlook, with sellers potentially regaining control. On the downside, a critical support level to watch is at 182.200.
In summary, the combination of the bearish divergence, the break of the higher low level, and the resistance at 184.400 suggests a cautious stance. Traders should keep a close eye on the levels mentioned, particularly the 183.560 support-turned-resistance and the critical support at 182.200, to gauge the potential direction of the market.
Note
60 pips in profit from our entry
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.