Hi Traders! GBPJPY Short Term Forecast And Technical Analysis is here. We do our analysis on the MetaTrader4 platform (MT4), some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available!
On the H4 chart, the price which was moving higher has created a bearish divergence that has formed between the first high that has formed at 157.412 and the second high that has formed at 158.212 based on the MACD indicator which we may consider as evidence of bearish pressure. Also, we can see this bearish divergence on the RSI indicator as well followed by the most recent uptrend line breakout, which we may consider as other evidences of bearish pressure. In addition to this, looking at the Bollinger Bands we could see that we have 20+ candles ride on the upper Bollinger Band which we may consider as yet another evidence of bearish pressure. So, based on all this my short term view remains bearish here and I expect the price to move lower further.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
Also, don’t forget to protect your sell trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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To your success,
Vladimir Ribakov
Certified Financial Technician
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