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YourLazyTrader

Analyzing GBPJPY from a seller's perspective

British Pound / Japanese Yen (FX:GBPJPY)  
YourLazyTrader Updated   
FX:GBPJPY   British Pound / Japanese Yen
Trend Analysis Chart Patterns Beyond Technical Analysis GBPJPY gbpjpyshort gbpjpyanalysis gbpjpyprediction gbpjpyforecast
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trendanalysis chartpattern beyondta gbpjpy gbpjpyshort gbpjpyanalysis gbpjpyprediction gbpjpyforecast
After the drop to 135 last week, GBPJPY has rallied up to the 136.60 level which is also the previous high. The rally has happened within a micro price channel which often leads to exhausted bulls.

If GBPJPY reverses from this resistance level then there's chance for another drop. However, I don't advise selling it now. Instead, wait and see if a couple of bearish candles form at this resistance level. After that, you will get a safe sell entry.

Possible sell entry could be 136.62 with Sl above 136.97 and TP at 135.60
Order cancelled:
Bearish candle didn't form at resistance
So, this set-up is invalid now
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