GBP / JPY: Descending medium average
Price below moving average arranged in bearish formation. Breakthrough at 5-13 EMA with a bar.
CCI (50) is less than 0, which indicates that the movement is negative.
CCI (14) passes under -100, signaling a possible new downtrend.
Price action: Dark-Cloud Cover - negative formation for possible descend of 4 hours graph and Daily chart.
Sentiment: stock markets recorded decreases, which can lead to supporting the JPY, as the refuge of capital.
Waiting for mild correction to around 186.03 in order to better market position and stop 186.67. Reason for that is because there there are a few touch support levels, which could stop the short-term short. For a better better profit/risk ratio one should wait for the test period of 5 period average for new sell.
Stefan D. Angelov - Head of Stocks Trading
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