FX.co ★ IgniteTrade | GBP/JPY

GBPJPY Forecast: Hi all, When the price of GBP/JPY tested the lower border of 213.394 during the high-impact news events, it broke the resistance level of 213.504. My position suffered a considerable loss. However, the price is still behaving firmly against the bears. Hence, if MACD crosses positively in the future, the price behavior may remain bullish. I expected it to decline from a technical standpoint because the price appeared towards the 213.594 price mark during the daily first. Nevertheless, the price behavior continued to test higher prices for multiple days above 213.994. To avoid incurring heavy losses, I intended to hold my current position. The trades lost $30 for a short time, despite the fact that they lasted only for a short time. Despite that, my running trades should benefit from the Bears' struggles.

Within four hours of collapsing from 214.104, the price encounters the bears and begins to trend down. According to my prospects, it moved as expected but did not form a double bottom in the daily frame. It may take time for this formation to complete. The attachment below shows us a construction of a "W", and it is possible that after this wave, the price will return to its original level of 214.244. There is a high probability that the seller's troops will prevail, and the trend in the future will likely remain bearish as long as the daily chart does not establish a double bottom. Therefore, I believe in something other than the technical perspective. Good luck!