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ohitswy

Short opportunity after closing below resistance?

Short
British Pound / Japanese Yen (FOREXCOM:GBPJPY)  
ohitswy Updated   
FOREXCOM:GBPJPY   British Pound / Japanese Yen
Trend Analysis Chart Patterns Technical Indicators poundyen yen gbpyen gbpjpyshort GBPJPY candlestickpattern
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trendanalysis chartpattern indicator poundyen yen gbpyen gbpjpyshort gbpjpy candlestickpattern
The price of GBPJPY has been in a steady uptrend for a couple of days, trending very nicely as seen on the ADX indicator. Now the price has closed just at the Fibonacci R3 and is unable to break higher at the last session of the previous week. This forms a tweezer top right at the resistance, signalling a possible reversal or a slight pullback. To confirm this, the stochastic indicator has been showing overbought signals for a while now, and that the pair is likely to continue trending as shown by ADX. Price is likely to consolidate at R3 before breaking out or reversing back to R2 for a short opportunity.


Let me know what you think in the comments, thank you for your attention!
Trade closed: target reached:
GBPJPY has reversed in to a downwards rally, after the tweezer top formation.
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