Looking at our GBPJPY pair we can start to analyze the market on the monthly time frame. In the monthly time frame price has reached and breached
our monthly key level support (130.00). Moving averages are indicating sellers strong momentum which is expected as price just recently reached our monthly
level. We can also see a W formation which can indicate that price could be reversing soon.
In our weekly time frame we can see a clear picture of the downtrend. We are waiting for a new LH to formed followed by a failed break of the previous LL. This price action
momentum will form a W formation on the weekly time frame also giving us more indication of a price reversal.
Now if we take a look at the H4 time frame we can see structure. Price will need to break structure here before we can start seeing a shift from a downward to a upper price
movement. Along with the H4 is the H1 time frame which is indicating HH and HL. The buyers are trying to gain momentum on these lower time frames, but of course the higher timeframe
H4 and Daily would need to also shift in structure before we see any long term upward price momentum.
Target #1: N/A
Target #2: N/A
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