GBP/JPY recently broke a trendline of an uptrend. Also currently the price made a triangle pattern, of which we will see a breakout in either direction. However, we could expect the price to retest a broken trendline or to bounce off of 0.618 Fibonacci level of a recent swing move which also broke previous uptrend structure and gave us a bearish market structure.
Additionally, the price has move bellow 200 MA (in pink area), on 15 min. timeframe, which also indicates a shift of the trend towards the downside.
Additionally, the price has move bellow 200 MA (in pink area), on 15 min. timeframe, which also indicates a shift of the trend towards the downside.