Earlier, we had taken a bearish position on GBPJPY and it continued moving down. 

GBPJPY returned from the resistance level. From here, market needs to form a bearish price action for the continuation towards the bearish side. The next target we are looking at is at 183.50. The market has reversed from the price of 185 of the resistance. The trend is now bearish as the structure formed is lower lows and lower low. We will wait for another retest at the resistance in order to flow the market towards the bearish side.

The ascending trendline has broken out from the price action and the market has now formed a bearish structure which needs to continue moving downwards.

The retracement level of 50% is in confluence with the resistance level, also forming the inverse head and shoulders. 

EMA 50 is still bearish and probably might retest the resistance in confluence.

RSI is at 40. It needs to rationalize itself at the neutralized level of 50 in order to continue selling off.

Hard luck on stops on GBPJPY sells

Aug 31 2023