I believe there might be a potential short opportunity on GBP/JPY in the upcoming days.
We seem to have a possible bear flag formation along with RSI divergence.
Currently, the market is trading within a range and is expected to break out in either direction soon. However, I believe the downside is more likely, especially considering the lower CPI numbers for GBP.
Additionally, if we do break out to the upside, we would be approaching a new yearly high, which I don't anticipate happening at this time.
We seem to have a possible bear flag formation along with RSI divergence.
Currently, the market is trading within a range and is expected to break out in either direction soon. However, I believe the downside is more likely, especially considering the lower CPI numbers for GBP.
Additionally, if we do break out to the upside, we would be approaching a new yearly high, which I don't anticipate happening at this time.