Last Friday had the buyers push price up with their last strength but got pushed back by the sellers at the supply/resistance zone around 165.50 region which made the daily candle end as a pin bar, and this is a good candle sign for a reversal to occur, and this week I would expect GBPJPY to push all the way down to 161.51 region if 164.38 region holds.
Price has closed below the purple 50 EMA which is also a good bearish sign
Its possible price won't consolidate once market opens and its also possible it moves up to 164.38 region for a retest but as long as price 164.38 holds GBPJPY is bearish.
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Price has closed below the purple 50 EMA which is also a good bearish sign
Its possible price won't consolidate once market opens and its also possible it moves up to 164.38 region for a retest but as long as price 164.38 holds GBPJPY is bearish.
Feel free to comment. Please like and follow for more updates
GBPJPY has failed to hold price below 164.38 which has changed my view on the price movement.GBPJPY has been bullish for the past 1 week and I think it is consolidating so it can move higher. At this point, I am bullish biased on this pair and would recommend everyone look out for buying opportunities at 163.70 region