GBPJPY - A Probable Long

FX:GBPJPY   British Pound / Japanese Yen
Price Action Talking

The GBP has taken a dive down since its peak on 19th of Septemeber....
We could see the key levels encircled with green color.... It took a really strong bull candle to break the key level on the 18th of September which then lead to a new high of 180.692 before taking a dive back down.
As the price dove back down, we could again observe the key level supporting the price before a strong bear candle broke through to the downside....
And ever since, the price after touching 177.447 has tried to break to the upside which is again resisted by the key levels in green encircling.
With the candles making higher lows and the three repeated rejection of the resistance levels from the green circle has created a bullish squeeze (orange eclipse).
The price approaching the level again gives a long signal. And with already three rejections of the resistance levels, we could expect the price to break towards the upside with a strong force in the following hours....

A good opportunity when the price retests the support after the breakout.... And with the sort of bullish squeeze, the price is expected to reach atleast . 618 retracement of the swing low....
I'm thinking the opposite. I'm looking for a leg down to the recent lows.
pavan15589 TomProTrader
I hoped it would make up its mind in the following hours since my posting... But the indecision in the price movement has been little too long.... I am still expecting a break to the upside... May be I am a little biased... Thank You... Appreciate your inputs...Good luck trading.... :)
+1 Reply
I'm thinking the opposite. Looking at the major bear daily candle from friday, and the lack of upside momentum today, I think this market is ready for another leg down to test 175,50's.
MakisStratis Aqua-Life
Agree also, seems to be out of steam
pavan15589 Aqua-Life
May be now there's a change in the price action because when I was posting, the price was heading convincingly towards the resistance but there's been a much longer consolidation which is invalidating my idea.... That is why I take the entry on the retest of the support....:) Your thoughts are appreciated.... Thank You...:) Lets keep watching...,
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