The market shows the overall movement of the GBPJPY in a downtrend
Monthly: At the start of April the monthly candle maintained the uptrend into the supply zone then made a steep drop outside of the supply zone as more sellers entered the market. So far this month we can see the downtrend pattern continuing.
Weekly: Since COVID19 broke in Feb 2020, GBP/JPY maintained a downtrend until Mid-March when the demand zone shifted towards an uptrend. I early April the accumulation of the uptrend formed a consolidation zone which is currently in play in the referenced timeframe.
Daily: The price is currently on a downtrend in the daily timeframe once it reaches the weekly trend line the expectation is a long term sell into the weekly demand zone over the next coming weeks.
Monthly: At the start of April the monthly candle maintained the uptrend into the supply zone then made a steep drop outside of the supply zone as more sellers entered the market. So far this month we can see the downtrend pattern continuing.
Weekly: Since COVID19 broke in Feb 2020, GBP/JPY maintained a downtrend until Mid-March when the demand zone shifted towards an uptrend. I early April the accumulation of the uptrend formed a consolidation zone which is currently in play in the referenced timeframe.
Daily: The price is currently on a downtrend in the daily timeframe once it reaches the weekly trend line the expectation is a long term sell into the weekly demand zone over the next coming weeks.