GBPJPY is heading in bearish structure on H4. Market has broken down from the support and is nw retesting the same support turn resistance. We will be taking a short once the market forms the bearish engulfing or pinbar candle.

The ascending trendline has broken out for sells and has been validated.

The retracement level is in the zone of the 50-61.8% which is the area for another bearish impulse move.

EMA 50 is still bullish since the last few months. The EMA 50 curve has gotten flat witht the market.

The RSI is at 64, which means, its in a bullish region and may form a bearish divergence at the over bought region. The divergence will head the GBPJPY further down.

GBPJPY dropping from the resistance

Nov 08 2022

Take Profit +2.01%

Holding time 5d22hr

168.944

Entry price

165.554

Take profit price