BluetonaFX - GBPJPY Double Top SHORT Idea
Hi Traders!
There is a double top pattern formed on the 4H GBPJPY chart, and there is potential for further moves to the downside depending on whether we get an important support price break.
Price Action 📊
The market has had two price rejections around the 183 level, which is bearish. Although there is very strong support at 181.380, which is our support line, A price break below this level is likely to lead to a momentum break further down.
We are now looking for further bearish momentum to break and close the support line and the 20 EMA to continue to the downside.
Fundamental Analysis 📰
The market's outlook on GBP is currently negative due to weak economic data recently released. The outlook on the GBP looks very negative at the moment, and the demand for the currency is very low.
Support 📉
181.380: TRENDLINE SUPPORT
Resistance 📈
182.207: PREVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
There is a double top pattern formed on the 4H GBPJPY chart, and there is potential for further moves to the downside depending on whether we get an important support price break.
Price Action 📊
The market has had two price rejections around the 183 level, which is bearish. Although there is very strong support at 181.380, which is our support line, A price break below this level is likely to lead to a momentum break further down.
We are now looking for further bearish momentum to break and close the support line and the 20 EMA to continue to the downside.
Fundamental Analysis 📰
The market's outlook on GBP is currently negative due to weak economic data recently released. The outlook on the GBP looks very negative at the moment, and the demand for the currency is very low.
Support 📉
181.380: TRENDLINE SUPPORT
Resistance 📈
182.207: PREVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
Comment:
Market reached the support level at 181.380 but did not get the price break and close