GBPJPY Fail to continue higher, watch for bearish development

21 Jan 2022

Hello traders:

Also looking at GBPJPY and other JPY pairs for further strength.

We can see from the higher time frames that price has hit a double tops area, and no further bullish price action has formed.

Instead, price develop into an expanding structure, and a recent double tops within.

Price did initially had a bullish impulse phase on the lower time frame, but after hitting the highs, no further bullish continuations, instead we are see bearish reversal

Now that price is dropping and potentially reversing out of the structure, watch for more lower time frame bearish development as a confirmation for downside.

Look for bearish continuation correction as a confirmation before you decide for entry down to previous lows.

Thank you

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1 Feb 2022

Nota