GBPJPY: Sell opportunity on the 1W Lower High.

GBPJPY has been on a strong 1D bullish sequence (RSI = 61.619, MACD = 1.250) since the early August bottom. That was also a Lower Low on the 2 year (since January 2018) Channel Down (1M RSI = 47.313, MACD = -3.420, Highs/Lows = 0.0000).

With those long term indicators turning neutral, the 1W RSI at 60.00 which caused a decline in December 2016 and the price within the 1W MA50 (blue line) and MA200 (orange line) right below the Lower High zone (red rotated rectangle), we receive it as a Sell opportunity.

Similarly to December 2016, we are expecting the decline to hit a symmetrical zone near the last 1D High. This places our Target Zone at 135.450 - 133.100.


See how that Channel Down successfully helped us buy at 129.690 and take profit at 137.500:

https://www.tradingview.com/chart/GBPJPY/MsfbfyVo-GBPJPY-Two-bullish-signals-medium-and-long-term/




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