Potential Bearish GBPJPY Move

13 בפבר׳ 2022

Multi-Time Frame Analysis of reversal on GBPJPY. Price was rejected by the trendline and sellers pushed price down to the bottom of the candle on weekly time frame making a pin bar. On Daily time frame we have tweezer tops with also bearish divergence on weekly and daily time frames. 12H and 4H time frames are showing momentous bearish engulfing candles. Also on the 4H time frame there was a quick pull back into the newly formed supply zone and two break of structures. Looking for a strong bearish move down possibly 500-1000 pips. Always the possibility for a continuation bullish. Be careful and have great risk management fellow traders