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Trading Idea - GBP/JPY, 07-03-2024
Trading Signal: GBPJPY
| Order | Sell |
| Direction | Bearish |
| Pattern | Double Top Pattern |
| Interval | 4 hours |
| Length (Candles) | 18 |
Idea Summary
The medium term GBPJPY price forecast is bearish. The GBPJPY price is testing Fibonacci 50 level after starting to decline following the formation of a double top chart pattern above the 200-period moving average MA(200). Most likely the price will breach below Fibonacci 50 and continue falling while there is a likelihood it may reverse and return back above MA(200) to test Fibonacci 38.2 level.
Note:
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