FX.co ★ llebsack | Analisa Pasar GBPJPY

GBPJPY. Hello traders. Pound/yen has moved quite nicely to the south today, and the bearish sentiment is still holding its ground, so I am considering the possibility of further decline as a more prioritized scenario for myself. However, the pair has now reached a recent minimum, so further downward movement can be considered upon breaking through the local support zone. On the hourly chart, indicators are still favoring further decline, but one of the underlying indicators has stopped supporting the bearish sentiment, and the Bollinger Band channel restructuring is hinting at a potential local correction. Nevertheless, I am leaning more towards the scenario of breaking through the support zone and further decline, with the next target at 208.20-30 in the short term. On the 4-hour chart, indicators have finally shown a complete sell signal, but it has not been activated yet. The activation will occur upon breaking through the support zone and consolidating below it. Therefore, there is a possibility of moving down in the medium term perspective, but for now, I am only considering a local decline.