The daily timeframe indicates it’s on a downtrend and gonna roll down below 68.50. In the 4hr yesterday we saw a huge fall from the resistance near the trend line. I home this fall will continue till 72.5 or beyond until we see next pullback.
Technicals: EURJPY in a downtrend since the beginning of 2019
The technicals are generally well defined here, with a large channel inside of which the downtrend has traded for the whole year of 2019.
Switching to the 4-hour chart, we can see more details of the price action. There is a smaller bearish 14-day channel within the larger (more significant)...
This pair is trading in a clearly defined bearish channel, and the current price is close to the resistance trendline.
One warning sign in contrast to the overall bearish picture is perhaps today's (Thursday) rather bullish candle. However, since the price is still below resistance, the downtrend remains intact and additional bearish signals that appear here...
Time to sell GBPUSD?
GBPUSD overbought in the short-term
The pair reversed sharply at the 1.20 lows three weeks ago, and for the past ten days, it's trading inside of a rising channel. The uptrend took GBPUSD almost to 1.2600 (about 600 pips away from the 1.20 lows), but it also reached overbought levels as is shown by our advanced overbought/oversold indicator...
