GBPJPY Will Go Lower! Sell!

Take a look at our analysis for GBPJPY.

Time Frame: 4h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is trading around a solid horizontal structure 190.950.

The above observations make me that the market will inevitably achieve 189.762 level.

P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.

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Comment:

Great beginning for a trade, let’s hope it goes further!