FxWirePro: GBY/JPY hanging man on peaks, volumes confirmation intensify bearish trend - fresh short build ups on rallies
Technical briefing (GBP/JPY):On monthly chart, the formation of hanging man pattern candle on peaks of uptrend at around 193.456 levels. This would reveal a mediumterm downtrend direction.Overall pattern on the pair fixe…
On monthly chart, the formation of hanging man pattern candle on peaks of uptrend at around 193.456 levels. This would reveal a mediumterm downtrend direction.
Overall pattern on the pair fixes it bearish view for a 183.125 and it's been a support breach as well at around 188.575. In addition to that huge volumes are popping up to show bearish sentiments, while leading oscillators (RSI & slow stochastic) show convergence with dipping prices at current levels.
RSI currently trend at 49.4183, while %D line crossover on stochastic 80 levels which alarms selling pressures mounting up.
Thus far we've been sensing selling sentiments during Asian sessions and we predict this would continue to hold on to test targets 1st - 184.076, 2nd - 183.125 levels. So, either shorting next month futures for above targets or buying ATM binary delta puts on rallies may fetch handsome returns from current levels.
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