GBPJPY has created its years old high and themarket has tapped the 191 level from where the bearish price action can be formed and the market can continue moving down. The market has formed the lower lows and lower highs which mean that the market can fall further down. The 191 price is the area where the BOJ can intervene in its prices.

The ascending trendline is on the verge of breaking out from the trendline and inducing the sells. 

There is no retracement level in this setup.

The EMA 50 is still bullish and the market can touch this EMA 50 as a retest and we can book the profits here.

RSI is at 56. The oscillator will tap the over bought region where a bearish divergence can be formed and the market can continue with the confluence.

GBJPY sells from 191

Feb 27 2024