Given that GBPJPY is in a bearish trend, we have two probable setups on this:
1- Market breaks the support, retests the broken support now turned resistance. Rejects the resistance and continue down.
2- Market continue corrective its bearish leg. Once it taps the resistance and the descending channel trendline, it faces rejection with a pinbar or engulfing. Then it starts to fall down.
We will continue playing this setup until something else arises.
1- Market breaks the support, retests the broken support now turned resistance. Rejects the resistance and continue down.
2- Market continue corrective its bearish leg. Once it taps the resistance and the descending channel trendline, it faces rejection with a pinbar or engulfing. Then it starts to fall down.
We will continue playing this setup until something else arises.
