GBPJPY: Rejected at the top of the 2 year Megaphone. Sell signal

2023年9月6日

GBPJPY hit the HH trendline of the two year Megaphone pattern and that has so far put a pause to the uptrend. The 1D timeframe has turned neutral (RSI = 52.182, MACD = 0.480, ADX = 25.579) and is supported by the 1D MA50. The MACD formation reveals that the pair could be ahead of a 0.382 - 0.236 Fibonacci correction as in June/July 2021.

As a result there are higher probabilities for a short term sell. We are targeting the 1D MA200 not lower than the 0.382 Fib (TP = 177.000).

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