GBJPY is hovering around the resistance level priced at 166. This level is a solid previous high resistance which can act as a reversion/rejection of the prices to continue the bearish trend on H4. Market has formed lower highs and lower lows previously and we anticipate another short dive towards the second support level below the previous low.

The descending trendline is still pending for the rejection or the breakout. In this case, we anticipate that the market might reject the prices after tapping the trendline as the trend is still persistance bearish.

The retracement level of 61.8% is in confluence with the resistance level which is a high probability short setup.

The EMA 50 has turned bearish but is upward curved. This curve tends to bow down towards the bearish side in order to have a steep bearish decline of GBPJPY.

RSI is at 53. This oscillator needs to be neutralized at the 50 level, along with the tap at the resistance level. These multiple technical factors add up for the purpose of having multiple confluences and the market may then tap down.

Premium short level on GBPJPY

Nov 16 2022

Stop Loss -0.56%

Holding time 1d11hr

165.838

Entry price

166.767

Stop loss price