_VincentP_
Long

Reversal GBPJPY - possible double bottom?

FX:GBPJPY   British Pound / Japanese Yen
PA is at a pivotal level.
A clear break and close below 154.75 gives a strong sell signal. A bounce here to back above 155.75 could signal a reversal and the start of the final leg up of what could then become a double bottom with the neckline at about 164 and a completion of this pattern at around 171 - 172.
To support this long position we have the stoch and RSI being oversold on 4H and Weekly. Especially the 4H is heavily oversold.
The candles also indicate a struggle going on at current levels (154.75 - 155).
Comment: And it closed lower. This can get interesting, especially fundamentally.
Hello Vincent,
I've taken this as a key support level, looking for that reversal, i had planned to start scaling in on the short side when it retraced back to the 164.5-167 zone back in mid march, but it never fully got there.
I've entered on the long side with my SL at 154.00 looking to target the 165-167 zone.
Your target zone at 171-172 being the upper trend line is a good point.
All the best.
+1 Reply
i think indicator's are not the answer and they didn't help , they just didn't allow you to make better idea about chart
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