GBPJPY has been in a bearish trend and the market has to breakout from support and now needs to retest the support turn resistance. The formation has become lower lows and lower highs and once the market retests the order block at the resistance, it will continue moving down for another impulse. 

The ascending trendline has been broken out for sells and there is a bearish penant formed. The support trendline might be retested for us to book the profits. 

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

EMA 50 is still bearish and another resistance level if tapped will be in another confluence for the sells. 

RSI is at 32. It needs to neutralize at the 50 level where another technical factors can conform to the bearish impulse. 

GBPJPY breakout and retest

Jan 31 2024