VasilyPonomarev
Short

potential reversal zone and bearish continuation of gbpjpy

FX:GBPJPY   British Pound / Japanese Yen

hey traders,

I want to share with you some thoughts about pound yen pair.
analyzing a daily timeframe we see a clear violation of dominating bullish trend .
as the market broke a parallel channel that the market has followed for more than a year,
we see a clear switch of a sentiment.

Now the market is establishing a series of lower lows and lower closes and as the market met 140.00 zone,
we see a steady retracement upwards.
Looking left and adding some fibs we can identify a kill zone for the market, inside of which we will anticipate it
reversing and moving down to the market low.
Also, I need to mention that the bullish breakout of our potential reversal zone will mean the violation of the existing bearish trend
and a trading bias will change to bullish .

good luck!
Comment: I will be waiting for confirmation:
for example, bearish breakout of a local support level
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