GBPJPY wait for a pullback before shorting again.
Price Altitude: Middle
Daily Trend: Down
4H Trend: Down
Analysis: GBPJPY has made a parabolic move lower last week and is now sitting in the middle of the price altitude where it has been trading back and forth between the 75% and 25% resistance lines. Wait for a pullback to short with higher timeframe trend.
Prediction: I am looking to short this pair once price reaches 4h supply @ 143.114 or 143.929 should the former fail.
Price Points of Interest:
4h Supply @ 143.114
4h Supply @ 143.929
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Daily Trend: Down
4H Trend: Down
Analysis: GBPJPY has made a parabolic move lower last week and is now sitting in the middle of the price altitude where it has been trading back and forth between the 75% and 25% resistance lines. Wait for a pullback to short with higher timeframe trend.
Prediction: I am looking to short this pair once price reaches 4h supply @ 143.114 or 143.929 should the former fail.
Price Points of Interest:
4h Supply @ 143.114
4h Supply @ 143.929
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Comment:
As expected, GBPJPY bounced off the daily and 4H demand at 140.500. Any longs here are counter trend. In order to go long, I would need to see evidence of supply zones being taken out before going long (confirmation) and taking profits before opposing supply zones.
Comment:
GBPJPY decided to turn around at the nearest supply @ 127.00 (significant psychological price point). To continue to grind its way lower.