WEEK 38 GBPJPY - POTENTIAL MEDIUM TERM REVERSAL

GBPJPY is the pair that caught my attention because it is included in the list of pairs in the Bearish reversal category. What caught my eye is that the pair has been stuck in the price zone since the 11th week. Once an attempt to break down but failed, but this week the price has broken down with a powerful momentomand break the major bullish trend. However, we will be waiting for some confirmation from price action in the coming weeks. As traders, we already see an opportunity to setup buy and plan sell setups on the first day.

Next, if the price succeeds in making an upward movement, we expect two important levels to be observed for the purpose of preparing a sell setup. For week 39 I choose bullish prices. But for the medium term based on major price movements, I expect the major trend to be bearish, but it is still too early to be sure, we have to wait for price action in a few more weeks.