Why I Think GBPJPY Will Continue to Sell...Technical Analysis Hey Rich Friends,
Happy Monday. I think GBPJPY will continue to sell this week. Here is what I am looking at:
- The market is approaching a previous area of support. If it breaks below 188.830, there is a strong chance that it will continue to drop. This is a potential sell-stop entry.
- The stochastic is facing down, the slow line (orange) is on top of the fast line (blue), and both lines have crossed below 20. These are strong bearish confirmations for me.
- There is bearish confluence on higher time frames (4H, D1, W1)
- I will be using a previous high for my stop loss, and previous lows as my TPs.
Make sure you check the news and cross-reference your chart before copying trade ideas from anyone.
Peace and Profits,
Cha