7 Reasons to Sell GBPJPY

1 - Purple Trendline acting as S/R Level
2 - Blue Trendline acting as S/R Level
3 - Downtrend Channel
4 - Area of Strong Support/Resistance (Red background)
5 - Fib 50%(0.5) retracement level (Gold Line)
6 - Divergence on MACD & RSI (5minutes TF)
7 - Deep Wave (IV) correction of Wave (III) completed at 158.25 (Wave (IV) is a deep correction because Wave (II) correction was shallow)

Look out for reversal pattern in the zone to join the downtrend continuation. Please feel free to comment and like

Comment:

JPY opened very weak today and it made the pair gun higher past the expected resistance.

The overall trend remains bearish but I expect GBPJPY to hit a resistance around 162.25 - 162.69 zone, that's where we will start looking to short GBPJPY after we get a confirmation.

I will post a new chart soon. Thanks