Respite for GBP/JPY bulls, long term bear trend may resume again

FX:GBPJPY   British Pound / Japanese Yen
180 0 3
The hammer pattern candlestick is formed at the bottom of downtrend at around 165.927 on daily chart , this can be attributed as a relief for bulls in short term targets upto 169.194.

In addition to that, we've converging signals from RSI and as well as stochastic curves below overbought territories which can take the rallies upto above stated levels but don't aggressively jump the guns for long term trend reversal.

Apart from this short speculating opportunities, we have no deviation for bearish views. It has already dropped 163.984 which has reached our previous 1st target at 165 and is close to 2nd targets at 163.500.

With all leading as well lagging indicators to converge these price slumps on monthly chart we position our bearish stance in sync with market sentiments.

Long term trend has been extremely conducive for bears as we listed out series of red flags that signifies serious weakness in this pair but bulls can also be favoured with these short term rallies but keep mind that any point of time it may reverse its bearish strength and resume bearish business.

Well, we've been uttering for shorts in this pair from last 4 months, it has travelled almost that's been a history now.

No harm for bears with medium term trade setups as lagging indicators are pretty much the same as leading indicators, MACD and 21DMA has still been a sell both on weekly and monthly graphs. The prices have slid below 21DMA just a month ago on monthly chart that has created more room for ongoing bearish trend .

Huge volumes conformity to the steep slumps has been booster for this bearish trend , what else do we need more than this? rising volumes with consistent falling price would reveal what is cooking in this pair.

Thereby, for now an we still maintain the targets at 163.500 and even at 160 levels are pretty much on the table upon holding the above stated resistance levels.
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