GBPJPY has been in a bearish momentum with the bearish trend and the formation of lower lows and lowers highs. This means, there is a further potential for the market to continue pushing downwards, given the economic crisis looming in the world and YEN being the safe haven, should strenghten up. 

We are looking to short the pair at 182.60, which is a resistance area and take the position till the support level of 181.40. This will be the range of the double bottom once formed. 

The ascending trendline is on the verge of breaking out but has not yet induced the breakout sells.

The bearish retracement has been formed at the resistance level with the confluence of 61.8% level which forms a strong foothold for the market to contiue its mark.

EMA 50 is bullish at the moment and once the market starts its mark down, we will see a bearish momentum building up.

RSI is at 61. This needs to be in the over bought region, where we can wait for the bearish divergence formation or simply short the market.

GBPJPY shorts from 182.60

Oct 10 2023