GBPJPY Lcoal S/R| Swing High| .50 Fibonacci| Price Action
Evening Traders,
Today’s analysis- GBPJPY – trading at a key location where a deviation to support is probable,
Points to consider,
- Price Action Impulse
- Local S/R Support
- Swing High Established
- .50 Fibonacci Confluence
GBPJPY’s immediate price action is impulsive, deviation from its swing high allows for a retest of the local S/R – bearish bias.
The .50 Fibonacci in in confluence with the level, this increases the probability of testing the level with a bullish bounce.
Current volume is below average, an influx is critical to sustain in volume influxes.
Overall, in my opinion, GBPJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas
Today’s analysis- GBPJPY – trading at a key location where a deviation to support is probable,
Points to consider,
- Price Action Impulse
- Local S/R Support
- Swing High Established
- .50 Fibonacci Confluence
GBPJPY’s immediate price action is impulsive, deviation from its swing high allows for a retest of the local S/R – bearish bias.
The .50 Fibonacci in in confluence with the level, this increases the probability of testing the level with a bullish bounce.
Current volume is below average, an influx is critical to sustain in volume influxes.
Overall, in my opinion, GBPJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas