Today's candle is definitely one of the candle that is important as we determine how GBPJPY may move in the next few days. The question that some of you may ask is if this is a retest for a BULLISH move or a fakeout. Personally, I see this more as a fakeout as 138.28 price level is where a strong resistance level lies and we definitely say a rejection for today's candle. BULLS have yet to show strength if a breakout is going to happen. USing bollinger bands, we can see that price level is currently at the upper band with great possibility of a BEARISH move towards the middle band. Ichimoku cloud yet to confirm a position as of now but will be an important indicator to look out for. Price is currently in the cloud and we will like to see it breaking down further which will confirm our short position.
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Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!