Short GBP/JPY on attempts of breaching strong supports at 169.35
GBPJPY trend has been extremely conducive for bears as we listed out series of red flags that signifies serious weakness in this pair.
Weekly and monthly analysis:
After forming shooting star at 186.511 it has influentially slid down below 21DMA that would keep bearish to persist in long run.
Well, we've been uttering for shorts in this pair from last 4 months, it has travelled almost that's been a history now.
Currently, it is attempting to break a very strong supports at 169.350 with leading oscillators converging these bearish sentiments.
No harm for bears with medium term trade setups as lagging indicators are pretty much the same as leading indicators, MACD and 21DMA has still been a sell both on weekly and monthly graphs. The prices have slid below 21DMA just a month ago on monthly chart that has created more room for ongoing bearish trend.
Huge volumes conformity to the steep slumps has been booster for this bearish trend, what else do we need more than this? rising volumes with consistent falling price would reveal what is cooking in this pair.
On daily chart, we have no deviation from this bearish view. It has already dropped 169.350 with all leading as well lagging indicators to converge these price slumps.
Thereby, overall the pair has achieved our 1st targets at 177.125, T2 at 175 and for now an interim targets of 163.500 and even at 160 levels are pretty much on the table upon the breach of above stated supports.
Weekly and monthly analysis:
After forming shooting star at 186.511 it has influentially slid down below 21DMA that would keep bearish to persist in long run.
Well, we've been uttering for shorts in this pair from last 4 months, it has travelled almost that's been a history now.
Currently, it is attempting to break a very strong supports at 169.350 with leading oscillators converging these bearish sentiments.
No harm for bears with medium term trade setups as lagging indicators are pretty much the same as leading indicators, MACD and 21DMA has still been a sell both on weekly and monthly graphs. The prices have slid below 21DMA just a month ago on monthly chart that has created more room for ongoing bearish trend.
Huge volumes conformity to the steep slumps has been booster for this bearish trend, what else do we need more than this? rising volumes with consistent falling price would reveal what is cooking in this pair.
On daily chart, we have no deviation from this bearish view. It has already dropped 169.350 with all leading as well lagging indicators to converge these price slumps.
Thereby, overall the pair has achieved our 1st targets at 177.125, T2 at 175 and for now an interim targets of 163.500 and even at 160 levels are pretty much on the table upon the breach of above stated supports.
