GBPJPY continuous bearish trend, SELL

Daily Chart bearish

Daily chart shows continuous down trend as follows,

  • Ichimoku Cloud

Price is below cloud. Chikou span is below candles.

  • Bollinger bands

Price is walking along StdDiv -2 downwards

  • MA20

MA is going downwards and price is below 20SMA.

H1 Chart range

  • Ichimoku Cloud

Price is below cloud, however, Chikou span is about to interact with candles.

  • Bollinger Bands

Current price is right in the middle of StdDivs, so it could go either direction. The bands are contracting, showing the price is charging energy for the next move.

  • MA20

The price could be resisted by the SMA20 and go down.

Also, I can see that theres a resistance line at 134.501 and support line at 133.942 and the current price level is right in the middle.

M5 Chart range

  • Ichimoku Cloud

The cloud is horizontal and Chikou span is interacting with the candles.

  • Bollinger Bands

The price was resisted at BBs StdDIv +2 at 134.428 and coming back down now. The bands are expanding and getting ready for the next contraction.

  • MA20

SMA20 is moving up and down. Not reliable indicator for M5 timeframe.

Trade Strategy

Sell in a long term.

As the price gets close to a resistance line in H1 at 134.501 and touches BB StdDiv +2, then sell as Daily chart shows its a down trend.