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🟢Forex Pair: GBP/JPY
⚪Technical Analysis: Since the beginning of January 2021, the price has been following an interesting trendline, moving up until a strong resistance zone at about 142.500. It got many rejections on that level and it is currently re-testing the same zone. In the daily perspective, a red pin bar just around the resistance zone could be an interesting sign of weakness and market reversal.
🔴Conclusion: I'm confident to see the price going down until the next support zone and eventually even more if it will be able to break its main trendline. Once I'll get a proper confirmation of market reversal, I'll open my short position on this trade.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trading this pair so far was not easy Moved a bit down then up again but still a long drop to go to be bearish .The economical news is bullish Our target is 142.252
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@DanielLubbe, you were right, absolutely! thanks for your feedback, I really appreciate that opinion :)