Gbpjpyprediction
GBPJPY top-down analysis todayHello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
MY VIEW ON GBPJPYas shown in the H1 chart, the price is now completing the right shoulder to complete a HEAD AND SHOULDER chart pattern which is a strong selling pattern, and it has formed a minor bullish channel in H1 therefore when the price breaks lower trend line it will fall and complete a second shoulder then when it breaks and retests the neckline it may fall to 160.41 and if the movement will be strong it may go further to 158.00
GBPJPY - FUNDAMENTALS WITH SECHNICAL BIASCurrently, GBPJPY is going down a bit due to MARKET RISK OFF. We expect GBPJPY to go UP again.
Anyway, that PRICE can fall on the SUPPORT LINE on the GBPJPY chart again. After that the MARKET can go UPSIDE. You can definitely buy at the GBPJPY 168.69 level. For that, MARKET RISK should be ON.
But we can sell GBPJPY up to 158.60 LEVEL according to the STRUCTURE. The reason for that is the idea that the MARKET SENTIMENT in the OVERALL MARKET will be RISK OFF in the coming days. We must pay attention to MARKET SENTIMENT.