GBP/JPY is currently trading at 199.535, providing a potential short opportunity from elevated levels.
2. The ideal sell zone lies between 199.500 – 199.700, where price shows signs of rejection.
3. A downside move could test the first support (previous resistance flipped) at 199.000.
4. Further weakness may lead to a drop toward 198.500, the next key demand zone.
5. A break below 198.000 would act as a strong confirmation of bearish momentum.
6. Place a stop-loss above 200.300, as a move above this level would invalidate the sell setup.
7. Price action shows signs of exhaustion after recent bullish runs, hinting at a potential reversal.
8. Selling pressure near the psychological 200.00 level adds to bearish bias.
9. Monitor lower timeframes for bearish engulfing candles or breakdown patterns below 199.00.
10. Below 200.300, the trade favors the bears, aiming for targets down to 198.000 or lower.
2. The ideal sell zone lies between 199.500 – 199.700, where price shows signs of rejection.
3. A downside move could test the first support (previous resistance flipped) at 199.000.
4. Further weakness may lead to a drop toward 198.500, the next key demand zone.
5. A break below 198.000 would act as a strong confirmation of bearish momentum.
6. Place a stop-loss above 200.300, as a move above this level would invalidate the sell setup.
7. Price action shows signs of exhaustion after recent bullish runs, hinting at a potential reversal.
8. Selling pressure near the psychological 200.00 level adds to bearish bias.
9. Monitor lower timeframes for bearish engulfing candles or breakdown patterns below 199.00.
10. Below 200.300, the trade favors the bears, aiming for targets down to 198.000 or lower.
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