FX.co ★ Daily Video Analysis: GBPJPY holding below descending trendline, potential for further downside!

Today we take a look at GBPJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is holding below the descending trendline resistance, where we can expect further downside. We could potentially see a reversal at our sell entry level, in line with our 23.6% Fibonacci retracement level, and a further drop towards our take profit level, which is in line with our horizontal swing low support.