GBP/JPY Shorts

13 Nis 2021

Pound Yen looks like its set for a ride to the downside, we have been in a form of consolidation for quite a while now and it looks like the pair is set to continue its bearish trend. As you can see we have a bearish pennant in formation, we had a 4HR candle closure below the moving average and on the 1Hr TF we had a breakout and retest of the inner counter trend line. with these confluences in place I do expect the pair to drop all the way to 146.250 which is a massive move for the pair. however If the pair proves me otherwise and breaks above the triangle we can expect targets at around 155.00 but I will keep you updated on that setup if price action presents itself.