GBP / JPY
The market is signaling a medium-term decline in the GBP / JPY currency pair.
The monthly chart of the GBP / JPY pair indicates a turndown of quotes below the balance line, which indicates trend stability. The same can be observed with the Marlin oscillator, which recently entered the downward trend zone in the time frame. The prospect of descent in the oscillator is huge, the stretch of which can even reach into a long-term trend, with a scale of more than six months.
Quotes are also falling sharply in the weekly chart, just after the reversal from the MACD line a week earlier. The goal of the movement is the price level 122.20 - Fibonacci retracement 361.8%
Meanwhile, price consolidation was observed in the daily chart, after the previous false price exit above these lines (the pattern strengthens the downward move). The Marlin oscillator also moved to a downward trend zone.
Downward move also continues in the four-hour chart, with quotes under the indicator lines. Here, the Marlin oscillator is in the zone of negative numbers.
The material has been provided by InstaForex Company - www.instaforex.com