GBP/JPY: Downtrend and middle-term correction
Corrective movement to levels of FiBo 38.2 %, which is increasing the odds that the trend will remain descending.
Figure: Head and Shoulders, piercing of the neck line - reversal figure, which gives us signal, that the correction may be near it's end.
We still do not have test of the neck line, but is order for a better positioning we'll wait slight up movement.
DeM is over 0.3, which indicates that is possible new descending movement. Still no confirmation from CCI(50) - it's not below 0, which is supporting out decision to wait for a little bit for a better positioning.
The price failed to hold over EMA 200 - the trend is short, 50 EMA is below 200 EMA.
H4 chart
The price is below EMA 200 and 50 - the movement remains short
Lower tops and lower bottoms
Head and Shoulders figure
Indicators in negative territory
We will wait correction to 141.23 for sell, until the price is below the diagonal resistance.
SL: 142.65
Head Of Stocks Trading - Stefan D. Angelov
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