The post Pulling back in established short-term downtrend appeared on BitcoinEthereumNews.com.

GBP/JPY is correcting within a new downtrend.  The correction is likely to eventually end and the downtrend to resume, pushing prices to new lows.  GBP/JPY has been falling since it rolled over at the September 2 high. It has now probably begun a new short-term downtrend, reversing the previous August uptrend.   Most recently it bottomed out on September 6 and pulled back. It now seems to be falling again, perhaps resuming its dominant downtrend. GBP/JPY 4-hour Chart  In technical analysis theory the odds favor an extension of the established downtrend, which suggests further weakness as the short-term trend unfolds.  A break below 186.51 (September 6 low) will confirm further downside towards the next target at 184.51 (August 8 swing low) followed by 182.82 (August 6 swing low). The ultimate downside target is the August 5 low at 180.06.   Source: https://www.fxstreet.com/news/gbp-jpy-price-prediction-pulling-back-in-established-short-term-downtrend-202409091327

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Filed under: News - @ September 9, 2024 2:24 pm