On a technical standpoint, Daily is a in a bearish structure right now.

Now we will lower the time frame to H4 for an intraday trade.

- Market structure: Market structure is bearish on H4, which pertains to an intraday time frame. There is a strong resistance at 152.60 which was earlier broken as a support, now turned resistance. Currently market is printing an indecision candle. This area of resistance is a strong uphold unable to let the market break. If this resistance is held, and a setup for shorts is formed, then we can target our profits till 151.

- Trendline: Earlier, there was a breakout of an ascending trendline, which means, a breakout sell. Now, we will wait for a retest of the upper channel/descending trendline, which confluences with the resistance area.

- Retracement: GBPJPY, bounced off the level of 61.8%, which also is cin confluence with the resistance. Usually, we look for the golden area in the zone. But sometimes, even 61.8% works fine if market has a structure. In this case which is bearish.

- EMA's: Both EMA’s are above the current market prices. This gives a bearish outlook on GBPJPY. Also, EMA 50 is being tested at the resistance. Again, giving us two confluence points.

- RSI/CCI: RSI and CCI both have bearish numbers until they cross 50 and 0 respectively. Also, both oscillators have a descending trendline which depicts that the trend of oscillators is bearish as well.

GBPJPY intraday usually garners 50-100 pips. In this certain trading setup, we will look for shorts at the price levels of 152.40-50 and target at 151.00 with a stop loss of 50 pips.
Right now, GBPJPY is still bearish on intraday charts. We will continue looking for shorts unless the 152.50 resistance is breached, with candles opening and closing above it.

We have three confluences in this setup: resistance level, 61.8% retracement level and an EMA 50 test. This gives up a high probability short setup.

Intraday shorts on GBPJPY

Jul 15 2021