GBPJPY formed a double top and then continued dropping down towards the support level. THis support level is priced at 165.60. If market breaks this support level, we will wait for the retest and then take a bearish position upong the formation of a bearish price action, for example, the bearish price engulfing. 

The ascending trendline has broken out two trendlines for breakout sells. These breakout sells have been validated and the market has resented the upward move. Therefore, after the breakout sell, the structure needs to change to the bearish structure. 

There is no retracement level on this setup.

The EMA 50 has broken out for sells and the market needs to re validate it after retesting it. Once retested at the breakout and retest, at the resistance, the market will form a confluence.

RSI is at 34. We need to wait for the market to neutralize itself at the 50 level in order to form a confluence with the charts at the resistance, and then continue falling down.

Shorts on GBPJPY after breakout sells

Apr 25 2023