GBPJPY is has now formed two lower lows, which is setting a direction for the bearish move. Apart from that, we are looking to take shorts at the resistance level, to ride the retracement wave. The price for our shorts is 170.75 and the target price is 169.

The ascending trendline has tapped the third pivot of the trendline. It needs to breakout sell in order to confirm the bearish formation. The market has slightly broken the prices from the descending trendline, but the resistance has halted the move up.

The retracement level is in confluence with the resistance level at the level of 61.8%.

EMA 50 is bullish but market is blanketing the price action. The market might breakout down from the EMA 50.

RSI is at 57. The oscillator needs to tap the over bought region, where, a bearish divergence can be formed and the market can move down.

Slipping on GBPJPY?

May 16 2023