FxWirePro
Short

GBY/JPY breaks out 186.694 with Doji, one touch puts targets 185

FX:GBPJPY   British Pound/Japanese Yen
318 2 5
On daily chart , the pair has made a breakout below key support at around 186.694 levels, a formation of doji at this level signifies serious weakness in this pair.

Alternatively if it manages to hold the support at 185.829, then it may bounce back and it may test back 186.694. There is high probability that it retraces a dip heading towards 185.829 levels which is coming off shortly as the bears began selling with greater conviction and stronger pullback is observed only above breakout at 186.694 levels.

Intraday prices have been slipping below 10 DMA as well as basis curve of Bollinger bands .

In addition to that bearish candles are popping up quite often to show the weakness (see red colored circled area for back to back shooting star and doji pattern candles), while leading oscillators ( RSI & slow stochastic ) downward convergence with dipping prices at current levels.

RSI currently trend at 54.9338, while %D line crossover on stochastic at 72.7783 levels.

Thus far we've been sensing selling sentiments during Asian sessions and we predict this would continue to hold on to test targets 1st - 185.829, 2nd - 185.268 & 3rd - 184.298 levels.

So, Buying one touch ATM binary delta puts at every bounces may fetch exponential returns from current levels.
sorry mate, it's too bad that your chart is not readable. may you can post this again with a bigger chart?
Thanks,Sam
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Hi there,

The inconvenience is regretted, that was just an attempt to study and analyse both daily as well as weekly price behaviors so as to match the different time profiles of the traders. Would update the latest call on this.

Thanks for bearing with us.
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