Today I attempted to sell GBPJPY with a stop-loss at 198.95 and a take-profit at 198.51. The GBPJPY candlestick pattern on the M15 timeframe also supports a bearish outlook. In the upper area, several reversal candlestick patterns, such as a bearish engulfing pattern and a long-tailed pin bar, formed near the resistance area around 199.20. These patterns signal that buyers are losing their power to push prices higher, allowing sellers to seize the opportunity to take control.
My open sell position on GBPJPY hit my stop-loss, resulting in a loss of $1.76. GBPJPY appears to have risen to 199.10 today, and currently appears to be trading sideways, with no clear direction.
