The chart below of the GBPJPY pair is currently trending to the down side. GBPJPY has been moving lower since July 2024. The pair has formed a bearish divergence pattern (Red) signalling for a possible continuation lower. If looking to trade GBPJPY, traders should be patient and wait for price to push higher. Wait for price to at least move higher and enter the Daily bearish breaker block (Gray). This zone also aligns with the bearish market pattern (Blue) BC 0.50% Fib. Retracement trigger level. When price enters this zone traders should switch to lower time frames, like the 15 Minute or 5 Minute chart, and look for price to start showing that it wants to shift lower. Only time will tell what GBPJPY will do but for the meantime we expect more downside as long as price remains below the point B of the blue bearish pattern.
GBPJPY 4 Hour Chart September 18 2024
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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