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GBPJPY Corrective Pullback Offering Sell Signal | Feb 6th
GBPJPY – After Two Legged Sell-Off, A Corrective Pullback
Failing to take out the ‘big figure’ at 175, the pair has sold off for over 1000 pips across two legs finding a brief reprieve just below 165. The pair formed a pin bar and has since climbed higher, but the bounce thus far looks corrective and three whole days have passed not gaining much ground.
I’m suspecting the bears are still in control, so am looking to sell on a pullback. I’ll look to sell on a corrective pullback into the next resistance level around 168.40, which also lines up with the 20ema and dynamic resistance. Downside targets will be 165 and potentially a much larger fall towards 160.
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