Ongoing geopolitical tensions between North Korea and the United States aroused again, increasing the tensions among investors. The Japanese crosses finally got a reason to retrace back.
Technical Overview – GBPJPY
On the 3-hour timeframe, we can see the candlestick pattern "three black crows,” which signifies the bearish bias of traders. However, $150.150 is supporting the pair.
Oh, the pair just had a 50- periods moving average bearish crossover, which signals a selling trend of the investors. Not only this, but the candles closing below moving averages are confirming the bearish sentiment.
GBPJPY – 3 Hour Chart – Triple Bottom
But wait, the leading indicators are in divergence with moving averages. The pair is massively oversold and discouraging me to take a sell position here. Check out my previous update about intra-day support and resistance of GBPJPY.
GBPJPY – Trading Plan
The pair is bit confusing now as it's not sparing a sure shot trade idea. Anyhow, I'm focusing on the $150.150. Above this, the pair is likely to target up to $151 and below this, the Guppy has a long way to target $148.85. Good luck and keep following for more updates!