Forex Trading Library

GBPJPY – Ending Wedge offers downside bias

0 371

Monthly: The cross is trading between the 38.2% and 50% pullback level (of 152.09 and 160.45). Price action in February posted a bearish Outside Month, often an indication that the rally is over and the start of a ne

w downward bias. The Marabuzo level from February (mid-point form open and close) is located at 150.84. We are likely to close underneath that level in April

GBPJPY - Ending Wedge offers downside bias 1

GBPJPY - Ending Wedge offers downside bias 2

Weekly:  The weekly chart highlights mixed trading for the last 71 weeks as we hold within a bearish Ascending Wedge formation. A break of trend line support (at 146.35) and the measured move target is located at 136.00. We can note higher highs and low.

GBPJPY - Ending Wedge offers downside bias 3

Daily: Sellers emerged in front of the Fibonacci confluence area of 154.00 (161.8% extension and 78.6% pullback). Strong selling pressure on Friday has resulted in Marabuzo resistance being located at 151.14. Bespoke resistance is located at 151.50. With a stop placed above 154.80 (medium term bespoke residence) this offers a favourable sell trade idea.

Leave A Reply

Your email address will not be published.