💱GBPJPY - Price may form a bearish momentum

5 сент. 2023 г.

GBPJPY forms potentially different signals on different timeframes. But there are localized preconditions that increase the chances for a fall.

TA on the high timeframe:
1) Price failed to form an impulse after breaking through the resistance at 183.76. A consolidation with locally declining highs is forming. We see pressure from the sellers.
2) On H4, a kind of reversal pattern is forming in relation to the local resistance area.

TA on the low timeframe:
1) The price has been in an ascending price channel for a long time. After the formation of a double top reversal set-up, the market forms an attempt to change the trend.
2) Price breaks the bullish channel support, a correction is formed and we see a strong consolidation forming over the last 24 hours.
3) If the price breaks the support at 184.74, we may see an impulse towards 183.00.
4) If the price returns to the boundaries of the ascending channel - the growth will continue.

Key resistance📈: 185.59
Key support📉: 184.74