GBPJPY - Possible Bears 28Feb - 5Mar - 12Mar (possibly)

26 ก.พ. 2022

What I am about to tell you, BOE is not gonna like it. What we see on the chart here is the lower weekly trendline (red) being broken leading to a possible downtrend initiation. If the next weekly candle opens below or exactly at the current price, which is very likely, we shall then call the lower trendline broken.
The next sign in favor of bears we have is the possible formation of double tops candle pattern provided the support region gets breached below 153 price level.
If we are lower than 153 on dragon within the next week or even the next couple of weeks, we might be looking at targets between 151 and 150. If the support region fails to break, we might be having a ranging market or possible breaking high leading to higher resistance levels.
If the bears continue to penetrate the support region and finally go through it, we are looking at a short entry trading opportunity worth 200+ pips on GBPJPY. But be watchful about the levels mentioned in the chart, this analysis holds true only if all the conditions are met. But if you want to challenge your luck, you might as well enter on trendline analysis alone.