GBPJPY has taken a toll towards a bearish side moving towards the price of 166.50. This fall started from the price of 168. We missed the initial short setup but now, another short setup has arised for the market as it retests the resistance level at the price of 167. From here, we will be looking at the short positions once the bearish price action is formed. The market is forming lower lows and lower highs, hence, formulating a bearish trend. 

The ascending trendline has broken out for sells and has been validated. We can wait for the market to form another breakout sell on the lower time frame, where we can confirm the breakout situation.

The retracement level of 61.8% has slightly been tapped by the market and its in confluence with the resistance level. 

EMA 50 is still bearish and has the potential to push the market further down as we do not see a retest of the EMA nearby.

RSI is at 41. We will wait for the market to neutralize itself at the 50 level, in order for the market to levy bearish momentum from this level.

GBPJPY retest for bearish impulse

Dec 16 2022

Take Profit +1.10%

Holding time 2d6hr

166.781

Entry price

164.940

Take profit price