Looking at GbpJpy, price has been establishing a bearish downtrend channel ever since we've come up to the long-term Weekly Resistance Level. Within this downtrend channel, price has now found itself approaching a Significant Daily Level and Non-Horizontal Resistance Level. This pivot point could be a catalyst to drive price towards the downside.
For confirmation, I'll be waiting for a strong bearish H4 candle closure before verifying that any seller sensitivity is present around this area. If there is, sell orders will be viable.
Watch me trade live! . - High probability setups EVERY day. - Updates on trades in the markets . - Where we are looking to enter and exit trades. - Educational content...