_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
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out