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FinancialGamblR

GBPJPY Bearish As Price Holds Below 183.712

British Pound / Japanese Yen (FOREXCOM:GBPJPY)  
FinancialGamblR Updated   
FOREXCOM:GBPJPY   British Pound / Japanese Yen
Support and Resistance Candlestick Analysis Multiple Time Frame Analysis GBPJPY Forex trading analysis daytrading priceaction breakout
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supportandresistance candlestick mtfa gbpjpy forex trading analysis daytrading priceaction breakout
GBPJPY has been in an uptrend since April of this year. Price stabilized after hitting the 186.547 highs in late August.

I plotted a daily range based on how price traded over the past month. Today's session close marks a clear indication that price is drifting to the downside.

Structurally speaking, I am directionally bearish. If price holds below the lower daily range boundary, I think strong downside potential can be expected as price reverses after the run-up earlier this year.
Comment:
Here's the 4-hour chart:
snapshot

Looking pretty good as price is holding and resisting off of lower levels.
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