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GBP/JPY: The sellers to wait for a bearish reversal candle

EagleFX

GBP/JPY produced a bearish candle on the daily chart yesterday. The H4 chart shows that the price has been heading towards the South with good bearish momentum. It consolidated earlier and made a bearish move today. The price has had a bounce at a level of support. If it consolidates and finds its resistance, the sellers may go short below consolidation support.

Chart 1 GBP/JPY H1 Chart


The chart shows that the price has headed towards the South and had a bounce at the level of 136.240. As of writing, the price has been bullish in the last H4 candle. The level of 137.330 may come into play and work as a level of resistance. If the level produces a bearish reversal candle, the sellers may go short below the level of 136.240. The chart suggests that the price may make a long bearish move since the next significant swing low is at 131.800.

Trade Summary:

Entry: Sell below 136.240

Stop Loss: Above 137.330

Take Profit 1: 135.000

Take Profit 2: 134.000

Take Profit 3: 132.750

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