GBPJPY Sell Analysis: A potential downside opportunity...The GBPJPY currency pair has been attracting attention recently due to its notable price movements and trends. Traders are eyeing potential opportunities for short positions based on technical and fundamental factors that suggest a bearish bias. This analysis aims to outline the reasons behind considering a sell position on GBPJPY.
A clear bullish trendline has formed on the GBPJPY chart, connecting multiple highs. This pattern indicates a potential continuation of the uptrend.
Recently, price broke out of a uptrend, and formed a double buttom chart pattern. The pair has broken below key support levels, in view of this we expect price to retest the psychological level @184.824 - 184.652
If price successfully retest this level, we may see price push down to 183.600 and below
This is only a Sell Bias NOT a signal, so we suggest you wait for candlestick pattern or chart patterns (on lower timeframe) before taking entries on this setup.
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