After an astonishing 1,000 pip Bearish wave to the Downside & a 800 pip Bullish Corrective wave to the upside, GPYJPY is showing a promising opportunity for a Short.
Market Structure Forming a Double-Top "M" Pattern on the H4 Time-frame & New Supply Zone.
See the Candle-Stick Break towards the Downside & Retest of the 20 Exponential Moving Average to imply the beginning of a Bearish Trend.
Furthermore the Market has given us a break below & an open candle below the neckline of the Double-Top Pattern.
One way to enter this trade would be to Enter Short at the initial break of the neckline with Stop Loss above previous market structure. This is a rather Aggressive approach.
If one is not comfortable with that style of trading, a more patient/confirmed entry position can be found at the "retest" of the Structure Neckline.
Take Profit at 134 as it is a psychological price area & bottom of structure.
Comment
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TRADE STOPPED OUT.
Market Bouncing of Demand Zone. New Analysis is Long for GBPJPY.
If the Zone Holds we can expect GPYJPY to continue to the upper supply zone.
If this movement happens I'd expect the pair to break the top. either way 139. is next possible long target.