GBPJPY Top of Channel Up sell signal.

27 Mei

The GBPJPY pair gave us a solid short-term buy signal last time we looked into it (April 16, see chart below) and easily hit our Target:

The prevailing Channel Up has a clear sell signal on its top, which the price is approaching on the current Bullish Leg since the rebound on the 1D MA50 (blue trend-line). The 1D MACD sequence is the same as the first Bullish Leg that started on January 02 2024, that time on the 1D MA200 (orange trend-line). That Leg pulled back to the 0.382 Fibonacci retracement level after it got rejected at the top.

As a result, we will wait to sell at the top of the Channel Up again and target 198.500 (Fibonacci 0.382).

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