Mahtab_Tradia

GJ Bearish Reversal Pattern

Short
FX:GBPJPY   British Pound / Japanese Yen
As you see in the 4H time frame, price has made a bearish reversal pattern in the form of a head & shoulders formation at the end of the uptrend.

Currently, the neckline (red resistance area) has been broken to the downside and price has been fixed below.

On the other hand, price has approached to the support level at 162.800 and was pushed to the upside.

For now, I expect a pullback to the resistance zone which is around 165.00 and then a continuation on the downside move towards the green line at 160.00 (159.900).

What is your idea about GBPJPY? Feel free to share.

Join My Telegram Channel:
t.me/Tradia_Channel

Follow My Instagram:
Mahtab_Tradia

My YouTube Channel:
youtube.com/channel/UCLVMX3VGgdo8d02jF99SihQ
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.