FX.co ★ Daily Video Analysis: GBPJPY trendline bearish breakout, potential for further drop!

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 has just seen a bearish breakout from the ascending trendline support-turned-resistance. Price is now holding below the moving average, and MACD is also holding below the 0 line, in line with our bearish bias. We could potentially see price pull back to our sell entry level, which is in line with the 61.8% Fibonacci retracement, before reversing and dropping towards our take profit level, in line with horizontal swing low support.