FX.co ★ GBP/JPY downside continuation

GBP/JPY strong sellers

The GBP/JPY pair registered a strong drop in the short term. It is located at 183.51 at the time of writing. As you can see on the H1 chart, the price dropped below the uptrend line, signaling that the uptrend is over and that the sellers could take the lead.

It has moved sideways between 186.50 and 183.46 levels. Its failure to reach and retest the 186.50 upside obstacles in the last attempts, indicating exhausted buyers and strong sellers.

GBP/JPY trading conclusion

Dropping and stabilizing below 183.46 may announce a larger drop and is seen as a new selling opportunity.