GBPJPY Bearish As Price Holds Below 183.712

15 Eyl 2023

GBPJPY has been in an uptrend since April of this year. Price stabilized after hitting the 186.547 highs in late August.

I plotted a daily range based on how price traded over the past month. Today's session close marks a clear indication that price is drifting to the downside.

Structurally speaking, I am directionally bearish. If price holds below the lower daily range boundary, I think strong downside potential can be expected as price reverses after the run-up earlier this year.

15 Eyl 2023

Not

Here's the 4-hour chart:


Looking pretty good as price is holding and resisting off of lower levels.