GBPJPY is Bearish

12 thg 11, 2024

Price was in an uptrend, and reached the projected target of AB = CD pattern, however the bears seem to be exhausted as the ascending trendline is broken successfully, after the emergence of bearish divergence. Moreover, first lower low and lower high are printed further validating the control of bears. If the bearish pressure sustains, further downside in price action is expected as per Dow theory. Targets are mentioned on the chart.