Price has returned to the big picture trendline resistance. it seems to have respected it and one candle broke out of the smaller timeframe Range. it is retesting that break now, and it will continue to fall.
Comparing price movement from last swing high to swing low point (boxed in yellow); price models similar movement, hitting similar key levels. The market repeats itself in structure. For demonstration and educational purposes.
SELL GJ 150.1 SL 151 TP 148.5 TP2 147
This can either go two ways right now. Either it will explode through The yearly high/ resistance around 152.8, or it will complete the simple M formation and stay within this trading range. I'm guessing if it goes back down we can expect 150.00 before the end of the week. If it closes about 152.8 by daily close I expect more upwards movement toward 160.00 invst.ly
Sell til 147 SL above today's high.
Price Action says it all, no need for Explanation.
Trendline break and a couple of Daily candle below the trendline.
Looking on the weekly chart for trend structure and as an engulfing trader I saw the market moved to a support level around 137.303 and 137.202. Last week broke out of the descending wedge that you see or flag pattern. It look like this week is going to confirm that breakout to the downside and may move all the way to 126.761
GBPJPY is now in a downtrend towards the 131.xx levels Keep selling lower highs and lower lows until any reversal.. !!!