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GBPJPY - Traders increase short, preparing for a fall

2024-08-26 10:26 FOREX forecast

💡Ideas For GBPJPY 🇬🇧🇯🇵

📈 Traders increase short, preparing for a fall

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GBPJPY is unable to continue the uptrend. The price is breaking the price channel support, and the parabolic curvature can be interpreted as a set of short positions

The Japanese Yen continues to strengthen. GBP is forming a small correction since the Open of the session, and the Japnese national currency is accelerating northward.

The parabolic curvature that is forming on the chart can be explained as a set or increase of short positions by large players. Such a maneuver indicates a possible strong and prolonged decline in prices. But, the focus is on the sideways range 192 - 189. Despite the fact that the price has left the channel, it is still in the range and the mentioned support restrains the market from falling.

Resistance levels: 190.97, 192, MA-50

Support levels: 189

If the bears manage to break 189 and consolidate below, it will be the reason for the continuation of the decline to the global low. On D1 the price is pushing away from the strong zone and also shows bearish preconditions

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