GBP / JPY: Our expectations are soon the pair to come out of consolidation and give a signal for a position in the direction of the new move. The three lower highs increase the probability of seeing a break below 143.90, but as long as this does not happen, it is risky for short positions. A buy signal is also missing at the moment the price has passed below 50 EMA, but 20 EMA is above 50, which indicates that the long is still possible. We are waiting for a signal: passing the price through one of the key levels: to sell below 143.90, and to buy over 147.80. The likelihood of a decrease is greater. We can get a short position signal if CCI (50) goes below 0 - only then we can take short positions. If the price goes below 143.90 possible sell with stop 144.85
Comments: Engulfing bar around levels of resistance 147.13 shows that the bearish moods around these levels are rising, indicating a potentially new downward movement.
The price has passed below 50 EMA, but still moves in consolidation, just passing below 143.90 can give a short signal
DeM also does not signal even though it moves down.
Three lower high, but we still do not have a lower bottom, just under 143.90 it will become a fact
Stefan D. Angelov - Head of Stocks Trading
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