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 35. This means, we are in a bearish region and we need to neutralize the pair towards the 50 level in order to continue moving further down. The retest of the neutralized levels will only fuel the further push down.

GBPJPY another retest coming

Nov 10 2022

Stop Loss -0.67%

Holding time 3d18hr

166.568

Entry price

167.679

Stop loss price