GBPJPY fluctuates, looking for descending short opportunity
Fundamentally, Brexit is still uncertain. This morning there were news about the negotiation does not go well that both EU and UK are preparing for the worst scenario. There is still a high chance of downside risk. On top of that, JPY has been relatively strong, especially the financial market is still in fear recently.
Technically, the price has been fluctuating since September 9th, while the volatility is decreasing, which means there will be a relatively huge one-sided trading opportunity coming up. RSI is at around 35 shows selling momentum is stronger, SO shows the market has some demand for bouncing back up for a bit.
In summary, take short position at a higher point is suggested. pay attention to the vital resistance line at around 147.650, which is also the ascending trend line that is formed since September 23rd, as well as the support line at around 146.615.
1. Sell high at around 147.650 if the resistance holds. Take profit at 146.615.
2. If 146.615 support does not hold, take short position to 145.360
Technically, the price has been fluctuating since September 9th, while the volatility is decreasing, which means there will be a relatively huge one-sided trading opportunity coming up. RSI is at around 35 shows selling momentum is stronger, SO shows the market has some demand for bouncing back up for a bit.
In summary, take short position at a higher point is suggested. pay attention to the vital resistance line at around 147.650, which is also the ascending trend line that is formed since September 23rd, as well as the support line at around 146.615.
1. Sell high at around 147.650 if the resistance holds. Take profit at 146.615.
2. If 146.615 support does not hold, take short position to 145.360