GBPJPY is a in a range since last week. The structure is bearish with the lower lows and lower highs formed. With that, we can assess the trend being bearish. We are anticipating the market to continue moving down towards the support level once it breaks the range towards the down side.

The ascending trendline is on the verge of breakout sell and will need to be validated once its broken out. We will wait for the breakout sell.

There is no retracement indication on this setup as of yet.

EMA 50 is blanketing the price action and will break it towards the downside. This will give us an added confluence with the market analysis.

RSI is at 50. It is already at the neutralized level. Even taking a short position right now makes sense. We will just wait for the retest of the resistance to take the short position.

Ranging GBPJPY to break down

Mar 06 2023

Take Profit +1.60%

Holding time 6d8hr

163.716

Entry price

161.102

Take profit price