Dear traders, GBP/JPY is on a strong uptrend for many weeks now.
However, the uptrend seems to have lost momentum in the last few days.
The current scenario can be compared to that of a melt-up.
However, if the bears step in now, expect a quick fall in GBP/JPY. Watch
out for a bearish price action to sell and expect price to fall to at least
172. Price is very over-extended from the EMA so, I do not recommend any
long entries at the current level.
However, the uptrend seems to have lost momentum in the last few days.
The current scenario can be compared to that of a melt-up.
However, if the bears step in now, expect a quick fall in GBP/JPY. Watch
out for a bearish price action to sell and expect price to fall to at least
172. Price is very over-extended from the EMA so, I do not recommend any
long entries at the current level.
Note
So far the resistance is holdingNote
Sold at 183.60 and currently in 48 Pips profit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.