Trading Idea - GBP/JPY, 07-03-2024 | IFCM Iran
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Trading Idea - GBP/JPY, 07-03-2024

Trading Idea - GBP/JPY, 07-03-2024

Trading Signal: GBPJPY

OrderSell
DirectionBearish
PatternDouble Top Pattern
Interval4 hours
Length (Candles)18

Idea Summary


The medium term GBPJPY price forecast is bearish. The GBPJPY price is testing Fibonacci 50 level after starting to decline following the formation of a double top chart pattern above the 200-period moving average MA(200). Most likely the price will breach below Fibonacci 50 and continue falling while there is a likelihood it may reverse and return back above MA(200) to test Fibonacci 38.2 level.

Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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