As we can see, GJ has been consolidating price for a while on the hourly time frame.
We had price break structure creating a lower low, but price then used this as structure to continue on a bullish uptrend, thus breaking the change of turning into a downwards trend.
If the hourly candle closes bullish outside of this range, would expect to see price retest before continuing bullish towards 158.000 region!
Comment
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Price closed above the consolidation range and has maintained its position above structure. Will look for entry for the position upon retest next week IF price retains its position above 157.074.
on bigger frames this pair looks very bearish.. check out my recent GBPJPY chart!
danieljamesfx
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Price closed above the consolidation range and has maintained its position above structure. Will look for entry for the position upon retest next week IF price retains its position above 157.074.