kylesutherlandsmith45

Great British Pound to Japanese Yen topping out or breaking out?

Short
FX:GBPJPY   Funt Brytyjski/Jen Japoński
Price is heading to 108.092 based on trend line analysis. RSI should head back to 43.43 and on balance volume should correct and go down to -172 million and is likely to head under negative 2 million I believe based on trend analysis. If price goes over 186.153 then this will be negated. If this happens then price could go up to 232.98. Thats the long-term resistance. In 40 plus years there have never been more than 3 years of green bars on price or volume. The long-term trend line looks downwards to me and until it is broken, I see no reason for the trend to stop. RSI however is trending upwards in a channel long term. On balance volume seems to oscillate wildly between highs and lows that are getting more extreme over time. That is just the trend that I see. Maybe it will change but until it does then I think it will continue. Therefore, the trade I suggest is to go short yen at least until 2027. If past trends repeat, then that will be the next big turning point and the upwards trend will resume then.

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