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British Pound / Japanese Yen
Short

GBPJPY → Traders increase short, preparing for a fall

By RLinda
Updated
GBPJPY is unable to continue the uptrend. The price is breaking the price channel support, and the parabolic curvature can be interpreted as a set of short positions.

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The Japanese Yen continues to strengthen. GBP is forming a small correction since the Open of the session, and the Japnese national currency is accelerating northward.
The parabolic curvature that is forming on the chart can be explained as a set or increase of short positions by large players. Such a maneuver indicates a possible strong and prolonged decline in prices. But, the focus is on the sideways range 192 - 189. Despite the fact that the price has left the channel, it is still in the range and the mentioned support restrains the market from falling.

Resistance levels: 190.97, 192, MA-50
Support levels: 189

If the bears manage to break 189 and consolidate below, it will be the reason for the continuation of the decline to the global low. On D1 the price is pushing away from the strong zone and also shows bearish preconditions

Rate, share your opinion and questions, let's discuss what's going on with ★ GBPJPY ;)


Regards R. Linda!
Trade active
Resistance 192 still holds the currency pair.
Trading inside the range continues
We are waiting for a breakdown of the support
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It is possible to form a false breakout before further realization of the scenario
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If the cotton pair consolidates below 190.97, we can get ready for a reversal and price decline.
Bears continue to hold the resistance at 192.0
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A reaction to a false breakout of resistance is being formed
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Consolidation below 188.77 would be a good signal of willingness to continue to fall and move towards our target....
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Consolidation is formed below the local minimum of 189.6
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Continuing to hold
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Ascending ChannelChart PatternsconsolidationDescending ChannelFibonacci RetracementFLAGFLATFundamental AnalysisSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
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