GBPJPY - Market Overview

The price reached the resistance zone formed by 148.450 and 149.00 levels. We get a bearish candle which tells us about possible reversal from this zone. It gives new selling opportunities based on the daily and hourly timeframes. RSI confirms the price reversal. MACD lines are going to support a downward movement. DMI confirms range market conditions. ADX line falls and we should no expect stable price movements or an attempt to break about the resistance zone. The market is ready to move lower to the nearest support levels.

A double top also tells us about the price reversal and it's an additional signal confirming the further downward movement.