GemtradesFX

GBPJPY potential short

Short
OANDA:GBPJPY   British Pound / Japanese Yen
At the 134.500 area, this dotted line started last week as support, gradually turning into resistance, with the price remaining undecided and moving up and down and not respecting it as neither support or resistance.

We have however, had several rejections and failure to break the descending trendline . Price dropped below the 50EMA but closed above it.

I am going to be monitoring this pair, if we see a clean break of the 50MA and see that it respects the newly formed resistance area , I will be looking to go short.

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