GBPJPY
Preference:
The GBPJPY currency pair has created a micro-structural level of support at the price point of 188.021. The price has been following a downward trend, with a false breakout above the .236 level on the Fibonacci chart. This indicates that the price may continue to fall. However, if the price manages to break above the trendline and the .236 level, we could expect a possible test of the .618 level. This could potentially indicate a bullish trend.
Alternative Scenario:
If the price of the asset fails to exceed the level of resistance represented by the .236 Fibonacci retracement and instead follows the downward trendline, we can anticipate a continuation of the bearish market movement. This could indicate that the sellers are still in control of the market, and traders may consider taking short positions to capitalize on the trend.