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GBP//JPY upswings may be deceptive, slipping through lower BB

FX:GBPJPY   British Pound/Japanese Yen
227 1 5
The current price has rejected the minor resistance at 161.702 levels.

Further upswings conditional on break out above resistance at 161.702, the breach and sustenance above may target 162.702, else, drag below MA is certain event.

On weekly event, the current prices are well below moving averages despite the attempts of upswings (oval shaped areas), that is where the pair is sensing resistance at 7EMA.

21EMA crossing-over 7EMA has still been maintained that is a bearish signal on weekly.

The daily leading oscillators have indicated indecision but converging downwards along with the dipping prices on weekly.

Most importantly, bearish swings are slipping through lower Bollinger band (see oval shaped area).

Mammoth volumes have been in conformity to the bearish trend .

On a broader perspective, it's been urged price declines ever since the pair formed "hanging man and shooting star" patterns on peaks of uptrend while plotting monthly graphs which are bearish in nature.

So, overall major bearish trend still remains intact despite some minor upswings.

Trade tips:

On intraday speculative basis, since implied volatility is very high, it is good to buy one touch binary vega             puts favouring above bearish technical indication.

Alternatively, short term bears can stay short in mid month futures for targets upto 159.454 levels with stiff stop loss of 162 levels.
tntsunrise TOP
9 months ago
Very Nice,
Reply
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