BluetonaFX GBPJPY Trendline Break SHORT Idea

Hi Traders!

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

Price Action 📊

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 📰

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 📉

180.814: MONTHLY LOW FOR SEPTEMBER

Resistance 📈

181.958: PREVIOUS DAY'S HIGH

Risk ⚠️
No more than 2% of your capital.

Reward 💰
At least 4% of your capital.

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Trade safely and responsibly.

BluetonaFX

Comment:

180.814 is the key level to watch out for here.