GBPJPY is in a bearish structure. We are looking to short the market at 150.40. This would be from the resistance of H4. Our target for this trade would be the support level of 149.30. Market is forming LL and LH. With this structure, we anticipate market printing on bearish trend. Market tried breaking out of the resistance, but turned out to be a fakeout.

Ascending trendline has been broken out for sells. This breakout sell will be validated once the candles have opened and closed below the trendline.

The 75-78.6% retracement level is in confluence with the resistance. The price of the retracement level is 150.70. This area, in confluence with the resistance, has been tapped. Market started to plummet after it tapped the retracement.

EMA 50 has been broken out for sells. After the breakout, the retest has been done. This retest fuels the bearish momentum further.

Currently, RSI is at 46 and CCI at -50, both are in a bearish region. The current state of the oscillators dominant the bearish pressure still intact on the GBPJPY. We will be eying the over extended sell region for our profit targets.

We are taking the shorts with trend on GBPJPY. Our target may be the nearest support or we can continue the position for further lower low.

Shorting GBPJPY for intraday

Dec 07 2021