Chance to Buy the Rally, Overall Bearish Bias
Now is a chance to enter a long during the rally.
-My overall bearish bias for GBPJPY is bearish.
-Price is currently in an area of support.
-The previous 4h candle ended in a doji and appears to be forming a morning star candlestick pattern.
-A formation of the candle stick pattern along with respecting the support area is showing that price is building bullish momentum and ready to make a bullish push.
-After the break of the previous low I am expecting price to retrace and test the former support area which is now acting as resistance.
-According to the fib this previous area of support also aligns with the 50.0 fib level.
-I am expecting price to rally to the 50.0-61.8 fib level before making another bearish continuation.
-Price should test the previous level of support, acting as resistance and create a lower high (LH).
-My overall bearish bias for GBPJPY is bearish.
-Price is currently in an area of support.
-The previous 4h candle ended in a doji and appears to be forming a morning star candlestick pattern.
-A formation of the candle stick pattern along with respecting the support area is showing that price is building bullish momentum and ready to make a bullish push.
-After the break of the previous low I am expecting price to retrace and test the former support area which is now acting as resistance.
-According to the fib this previous area of support also aligns with the 50.0 fib level.
-I am expecting price to rally to the 50.0-61.8 fib level before making another bearish continuation.
-Price should test the previous level of support, acting as resistance and create a lower high (LH).