FX.co ★ ckerluke | GBP/JPY

GBPJPY. Good day. The pound/yen finished the current week with another bullish candle, but the most interesting part is that on the weekly timeframe chart, the pair closed at a test of the lower Bollinger Band, and the candles suggest a rebound. So, in the near future, I expect the bears to finally wake up and get more actively involved. Additionally, the pair remains below the trend resistance, tested it this week, and on Friday showed a fairly confident rejection, which also hints at a downside scenario. On the hourly chart, the indicators continue to point downwards, the pair responded to a sell signal within the day, and the Bollinger Band channel started to readjust with a hint of a correction beginning. Therefore, at the opening on Monday, I expect a slight pullback, after which I will be looking to open new short positions with a target around 193.40. On the four-hour chart, the indicators are still pointing north, but the pair closed in the bearish zone of the Bollinger Band channel. If it consolidates here, it may be possible to consider opening short positions in the medium term perspective. I view this scenario as more prioritized for myself.