Trading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (133.4). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPJPY is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 40.
Take Profits:
TP1= @ 132.60
TP2= @ 131.95
TP3= @ 131.20
SL: Break Above R2
. There is still a possibility of temporary retracement to suggested resistance line (133.4). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPJPY is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 40.
Take Profits:
TP1= @ 132.60
TP2= @ 131.95
TP3= @ 131.20
SL: Break Above R2