GBP/JPY Analysis for Week 23: Structure

DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".

Alright so on my last analisys for this pair I saw the bounce and the end of the that downtrend. So lets see how high this pair will go.

Monthly: Ok so on the monthly we see the price heading towards a resistance area around 148.057, which as we see was also, previous support for a while back in June, July and August of 2013. Now lets take a closer look cause things get really interesting on the weekly chart.

Weekly: This is what text book charts come from! The price action and structure on this pair is just way to beautiful. There an ascending triangle here. Resistance areas beign tested perfectly. Tendline forming very beautifully.
Now since this has followed structure so beautiflly, I think we can expect the third tap on the resistance area. The question is will it break it, or will it continue a downtrend. We will have to be patient foer that.

Daily:
Ok on the daily we can draw some more support and resistance levels although not many. But there is a resistance level around 145.105 levels as you can see highlighted in the rectangles. and that was tested on Friday's traiding day.

4hr:
Alright now on the 4hr we see what the price did a little bit better. So it broke that 145.105 Resistance and turned it to support. But it seems to have formed a double top. with Resistence at 146.559, and closed below. What usually happens with a double top? It drops. So where can we expect this to drop to? Probably that resistance-turned-support line at 146.559. We also know that it needs to drop to come and test the MA.

Analysis:
Option One: So because of that double top we can expect the price to drop some and maybe continue the trend. But where would it drop to? The pivot point and bounce. If it breaks pivot point next target is previous support.

Remember to be patient and look for good entries.