Currency pair GBP/JPY technical analysis 13.01.2022

The resistance line 157.78 restrains buyers. The ascending truncated wave of H4 level has finished with piercing the inclined channel. Awesome Oscillator indicates bearish divergence and Stochastic Oscillator’s moving levels have gone outside overbought zone forming bearish divergence.

Trading idea:

Sell below support line 156.72. (When a descending wave pattern starts forming).

Stop loss as a resistance level 157.78.

Target levels: 155.96, 154.80, 153.60.

Author: GC
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