GBP / JPY Daily Chart Our Expectations: Downward trend, correction to horizontal and diagonal resistance. Suitable levels for short positions with stop 150.00
Alternative Scenario: If the price does not keep its levels and rises above the resistance, the correction may be higher. And when a clear new peak emerged above 61.8% Fibonacci, this medium-term downward trend could be considered to be over.
Comment. Declining mid-term trend. Correction to horizontal and diagonal resistance. At this level is also 50% fibonacci on the main movement. 50/200 MA in sword formation. The price made an unsuccessful attempt to break through 200 MA and seems to be down. Next test goal of 50 MA. Price action signal from absorbing bar. The price is currently testing a swallow textbook - a strong signal for a shorts.
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