Technician

GBPJPY: Continues to rally #forex

FX:GBPJPY   British Pound/Japanese Yen
796 1 16
No trade. The pair continued to move decisively higher without any confirmation signal for a reversal from that major confluence zone i pointed in my previous analysis. ( )

The main takeway from this is the importance of the final confirmation signal, which i believe is the most important part in the trading approach. I was looking for some kind of rejection hinted through pin bars, or an hourly double top as an examples of bearish confirmation signal. However, the pair didn't provide any signal and continued to rally breaking main confluence of Fibonacci extension levels, and the main falling trend line shown on chart. In addition to that, the price has previously taken the 200-days Simple moving average and the 50-days average, which is another positive indication.

So what now, are we going to continue higher? The chances for a bullish trade now is good in my view. But again, and as usual i will be waiting for a confirmation signal for the trade. Keep posted for the up-coming updates.

Good luck...
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Technician

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We must be patient... :)
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