GBJPY is at the resistance level of the H4 time frame. This resistance area is priced at 163.70 from where we are looking at the shorts. The higher timeframe, we are still bullish in the trend. Market is forming higher highs and higher lows in the structure. This depicts the bullish structure and trend of the market overall.

We have drawn an ascending trendline which is due to breakout sell. After the breakout sell and the sell validation of candles closing below the trendline, we will have confirmation for sells.

The retracement level is at the resistance level which is in confluence with both the technical factors. This area can push the market down towards the support level at 161.

The EMA 50 has broken the candles towards the bullish side. This breakout buy needs to retest which is being retested at the moment. Now, its ranging and giving us double direction towards the bearish side which co incides with other factors.

RSI is at 58 which means, it is still bullish. In order to confluence with other factors, we will have to have RSI below the 50 level in order to have the sell orders pushed.

GBPJPY shorts

Aug 09 2022

Stop Loss -0.72%

Holding time 8hr

163.727

Entry price

164.909

Stop loss price