GBPJPY is tapping the support level at the 185.40 level. I will wait for the market to tap back towards the resistance level from where we can take another shot bearish. This level is a strong foothold for the resistance level from where the market can drop down towards the support level which will be our profit target. It should be noted that the trend is still bullish and we are merely taking the counter trade for the purpose of retracement.

The ascending trendline is broken out for sells and the market has validated the price action for the confirmation. On the other hand, we have a descending channel which needs to be tapped at the upper resistance trendline for the market to tap and continue moving down.

There is no retracement level on this setup.

EMA 50 is bearish and might take a retest at the resistance level for the confluence.

RSI is at 33. It needs to hop towards the neautralized level of 50 to align with the technical factors.

Gbpjpy started to trend bearish

Dec 05 2023