GBPJPY Short (Sell) Trade Daily Setup

Similar to GBPUSD, this pair is making it's way closer to a strong sell zone. In fact, there are two sell zones in close proximity. On lower time frames (2H + 4H) we can see price has been slowing down, accumulating buy orders and pushing up towards these key levels.

From the two supply zones, the lower one is weaker and both are untested.

Keep an eye on price action on lower time frames for any indications of a potential change in trend. We may not drop, we could fall into a range first, in which case, I will update with further charts.

Comment:

First supply failed to hold, which is no surprise since it was weak anyway. Let's see how price reacts at the second supply level.