GBPJPY - Loss of Momentum Into Structure by Akil_Stokes on TradingView.com
Last week we looked at this same pair & I was waiting for a double top to form as price broke into a previous level of structure resistance from the daily/ weekly timeframe (Brexit Zone). Well we never got our double top (which brings up another valuable lesson about why we have RULES for patterns & the importance of following them), but the general prediction still holds true.
Looking at current price movement along with the slope of the previous upward trend, it should be clear that we are losing momentum as we push deeper into resistance. Because of this I would expect some sort of relief to come as the buying pressure starts to lesson and new sellers begin to enter the market.
Currently there are no signs of reversal as far as trade entry go, but this pair will once again be high on my watchlist for the week ahead.
I hope you guys enjoyed the breakdown! If so please do me a favor and hit that like button to show your support. Also feel free to leave me any questions or comments that you may have about the pair or my analysis.
Wishing you a GREAT week of trading!
Akil
*Note - I thought I shared my idea for this pair on tradingview last week, but apparently it was in the Live Stream from March 23rd 2022
