GBPJPY is bearish and the market is testing the resistance level at the price of 187.40 The market can continue moving down from the level of resistance after tapping it as the formation is lower lows and lower highs. The trend is also bearish at the moment.

The descending trendline might retest the resistance level along with the confluence.

61.8% retracement is in confluence with the resistance level and has formed the confluence with it.

EMA 50 is still bearish and the market is tapping it at the price action and is going to continue the down trend after tapping it.

RSI is at 56. It needs to be neutralized at the over bought region where the bearish divergence will be formed to push the market down.

GBPJPY is still bearish from resistance?

Feb 07 2024