Alright so we confirmed H4 fake out move in our last GBPJPY analysis, we can take a look at the 1D time-frame where we are now analyzing the pair. It is good to point our our H4 resistance zone (138.720) where we need to see a break of this zone before we can get to the daily resistance zone (141.900) which is roughly 76 pips below our 61.8% PRZ. Although at 38.2% retracement is likely, we prefer to see and possible short at the 61.8%.
Keep in mind the Daily, Weekly, and Monthly time-frames all indicate downtrend momentum which helps us with our overall analysis. Again we can see short term upward momentum on the lower timeframes H4 and below but keep in mind where the market is on the higher time-frame where structure is better seen.
Keep in mind the Daily, Weekly, and Monthly time-frames all indicate downtrend momentum which helps us with our overall analysis. Again we can see short term upward momentum on the lower timeframes H4 and below but keep in mind where the market is on the higher time-frame where structure is better seen.
