FX.co ★ GBPJPY bearish pressure | 21st Sep 2021

Price broke downwards of a wedge pattern, signifying a bearish momentum. We can expect price to make a small bounce up to 1st Resistance in line with 23.6% Fibonacci retracement and push back down to 1st Support in line with previous swing low. Our bearish bias is further supported by the price holding below the 50period MA and the MACD indicator showing the MACD line crossed below the signal line.

Trading Recommendation

Entry: 150.113

Reason for Entry:

23.6% Fibonacci retracement

Take Profit: 149.184

Reason for Take Profit:

Horizontal swing low

Stop Loss: 150.585

Reason for Stop Loss:

38.2% Fibonacci retracement