GBPJPY Short|Bearish Divergence|Range Support|.618 Fibonacci
Evening Traders,
Today’s Analysis – GBPJPY- at a pivot point on the chart, price is likely to impulse down if dynamic resistance is respected.
Points to consider,
- Macro trend bearish
- Resistance confluence
- Oscillators diverging
- Volume below average
- Range support target
GBPJPY’s macro trend has been putting in consecutive lower highs – this gives us a bearish bias on the overall market.
Price is currently testing dynamic resistance; this area has multiple technical confluences, the .618 Fibonacci and market structure – putting more significance on the level.
Oscillators are both diverging from price validating a bearish divergence. Price respecting the .618 Fibonacci will keep the divergences at play.
volume profile overall is below average, a respect or break of the dynamic resistance will lead to a notable volume influx.
Overall, in my opinion, range support is the immediate target if technical levels are respected. A short is valid with defined risk.
Price breaking above dynamic resistance will negate the trade.
What are your thoughts?
Please leave a like and comment,
And remember,
“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota
Today’s Analysis – GBPJPY- at a pivot point on the chart, price is likely to impulse down if dynamic resistance is respected.
Points to consider,
- Macro trend bearish
- Resistance confluence
- Oscillators diverging
- Volume below average
- Range support target
GBPJPY’s macro trend has been putting in consecutive lower highs – this gives us a bearish bias on the overall market.
Price is currently testing dynamic resistance; this area has multiple technical confluences, the .618 Fibonacci and market structure – putting more significance on the level.
Oscillators are both diverging from price validating a bearish divergence. Price respecting the .618 Fibonacci will keep the divergences at play.
volume profile overall is below average, a respect or break of the dynamic resistance will lead to a notable volume influx.
Overall, in my opinion, range support is the immediate target if technical levels are respected. A short is valid with defined risk.
Price breaking above dynamic resistance will negate the trade.
What are your thoughts?
Please leave a like and comment,
And remember,
“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota