Vladimir Ribakov outlines a bearish GBP/JPY trade setup across multiple timeframes, with a pullback entry zone at 152.75-153.00 targeting 151.80 first, then 150.00. He cites a broken weekly low, bearish divergence on MACD and moving averages, and resistance from the weekly high as confirmation.
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Hello traders, how are you? Vladimir here, and this video is my bearish idea on pound yen, and this is classified as a midterm trading idea which could be developed also for a longer term, but we'll start with the midterm here. Uh, so what do we have here and why do I see that as a bearish opportunity? So Starting from the weekly timeframe, when we completed the 3-wave rally with the bearish divergence on a moving average, histogram, RSI, we got the first pullback wave in what is likely to be completed as ABCD, or at least any sort of a range. In this corrective phase, Sell the rallies is the idea I have in my mind here. Now, when we take a look on the daily chart, this weekly low was cleaned. We completed here three waves move down, and this seems to be a double wave upside. Interesting part here that it behaves like. Strong resistance and the key high here that we've had from the weekly time frame still holds. And as long as that's the case, from my point of view, we are building up a bearish momentum here. And to find the approval to that on the lower time frame, we got here the higher highs and on the chart lower highs on the MACD, uh, moving averages to complete a bearish divergence. Uh, which, uh, starts to be a very interesting sign by itself. And right now we are crossing— you can see it also on the 4-hour, but on the 1-hour it's a bit clearer— this most recent low is being crossed down, which from my point of view builds up, uh, the bearish momentum. And I expect the waves to develop into some this sort of way. That, that's why any sort of pullback This massive zone, volume zone area, should be a great opportunity to look for further continuation down. We are talking here about anything of 152.75, 80 up to 153. This zone is a classical zone for a pullback, which if happens should open the door for further move down. So once again, it's a multi-timeframe. Bearish analysis based— bearish-based analysis, uh, with, uh, the trigger completing on a 4-hour, making a divergence, a false breakout, and a bearish convergence to complete lower lows here. I see that as a very interesting bearish sign, and as with a little pullback, I would expect to see further continuation down. As per the possible target zones to watch then the first zone, of course, is this key area which we have here around the previous low. We are talking around 151.80-ish. And if that managed to gain the further momentum that we expect, the next level should be 150 and lower. So that's pretty much it for the pound yen idea, and our invalidation to the bearish view at the moment is the most recent swing high. If price goes above this area, that invalidates the bearish idea. That's it for this video. Thanks for watching. I wish you good trading.
