BluetonaFX

BluetonaFX GBPJPY Trendline Break SHORT Idea

Short
BluetonaFX Updated   
OANDA:GBPJPY   British Pound / Japanese Yen
Hi Traders!

GBPJPY is approaching its trendline support, and there is a possibility of a breakout to the downside.

Price Action πŸ“Š

For the past four weeks, the market swings have consistently shown lower and lower lows, which indicates a current lack of buyers in the market.

We are looking for a trendline support break and a close below the 180.814 level.

Fundamental Analysis πŸ“°

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 πŸ“‰

180.814: MONTHLY LOW FOR SEPTEMBER

Resistance πŸ“ˆ

181.958: PREVIOUS DAY'S HIGH

Risk ⚠️
No more than 2% of your capital.

Reward πŸ’°
At least 4% of your capital.

Please make sure to click on the like/boost button πŸš€ as your support greatly helps.

Trade safely and responsibly.

BluetonaFX
Comment:
180.814 is the key level to watch out for here.

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