FX.co ★ GBP/JPY: downside continuation below 180.49

GBP/JPY Temporary Growth?

The GBP/JPY pair increased in the short term and now is trading at 180.96 at the time of writing. Still, as long as it stays below the downtrend line, the currency pair could drop deeper. In the short term, it could only test and retest the downtrend line before resuming its downside movement.

Technically, jumping above the downtrend line should announce a larger growth and invalidates a downside continuation.

GBP/JPY Trading Conclusion!

Jumping and stabilizing above the downtrend line activates further growth and is seen as a buying opportunity.

On the contrary, staying below the downtrend line and dropping under the 180.49 activates more declines.