PriceActionTrading

GBPJPY OUTLOOK AFTER FALSE BREAKOUT

FX:GBPJPY   British Pound/Japanese Yen
110 1 2
FALSE BREAKOUT/ FAKEOUT.
PRICE MANAGED TO BREAK 185 YESTERDAY AND CLOSED AT 183.94.
A 100PIPS FAKEOUT.
INCIDENTALLY ALSO CREATING A D1 INSIDE BAR.
H4 RSI DIVERGENCE.

THIS IS COUNTERTREND AS SHORT TERM IS BULLISH HOWEVER I THINK OVEREXTENDED.
LOOK FOR H4 TO BREAK SWING LOW BEFORE ENTERING SELL.
NOTE:
H4 50SMA AT 183.5 PROVIDES STRONG SUPPORT, I SAY AGAIN : STRONG SUPPORT.
BULLS WILL WANNA BUY THERE.
BREAK OF THAT 50SMA WILL PROVIDE MORE CONFLUENCE FOR THIS SELL TRADE.
AND HOPEFULLY TURN THE TIDE.

IN THE MEAN TIME THIS TRADE COULD GO EITHER WAY,
THUS AN OUTLOOK THAT IS WORTH TO KEEP A LOOKOUT.
NO PUN INTENDED.
snapshot


UPDATE:
H4 RSI DIVERGENCE WITH DOUBLE TOP FORMATION?

STILL THE TREND IS BULLISH BUT I FEEL OVEREXTENDED.
RISKY TRADERS COULD ENTER SELL NOW AGAINST THE TREND.
CONSERVATIVE TRADERS COULD WAIT FOR A CLOSE BELOW 183.5 AND 50SMA,
TO TRADE THE RETEST OF THAT LEVEL.
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