- Nov 22, 2014
- Reaction score
GBPJPY technical analysis
The pattern formed from the current GBP JPY pair is a bearish pattern as a reversal pattern.
This week's movement after the previous week's movement was dominated by bullish, but not this week which is a consolidation phase
At the moment GBPJPY stands at 132,776 with a bullish bias at the H1 timeframe but in a low volume.
While the daily timeframe shows that the previous candlestick is bearish, so the alert is a bearish reversal pattern.
If this option becomes the ideal stop loss option by looking for a swing high from a candlestick, with the risk if the price turns out to be moving within a daily range where the reversal pattern is not a valid signal.
Another scenario is by scalping by utilizing movements at low timeframes such as M15
The current RSI indicator shows the number 45.92 which in this context means that the trend is still in a bearish tendency looking at the balance of the RSI at the level 50 which is currently below that level
Pivot point 132306
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