this is a trade ive taken on GBPJPY and i am planning to ride the pound down to the demand levels i have also used larger time frames to do my analysis but this is the result and if you'd like me to explain the trade in more depth and detail just comment down below. simple price action rejection and retest strategy used i have seen very good results with with...
T1 was crossed back in US session on Friday, but analysis and forecast is still same. Short can be more powerful.
I think technical analysis is simple and complete, no more focus on fundamentals. Q/Q GDP of Japan of quite positive today regardless pandemic issues.
-Monthly Timeframe candle is bullish with a wick at the bottom (sellers exhaustion)
-Weekly Timeframe candle shows reverse head and shoulder pattern
-Daily Timeframe candle shows exhaustion from sellers and buyer (wick at top and bottom of candle)
-4HR Timeframe shows sellers exhaustion with doji
-Lower timeframes correlating with higher timeframes
FX:USDJPY #USD/JPY has been in an upward trend for a long time. The price was close to the key resistance zone 112.78-113.17. The creation of a sales signal in this area may activate sellers. The breakthrough of the growth channel support will be an additional signal for the deepening of the downturn. Currently, the target is the first level of price attack 112.15.
We are expecting the yellow metal to continue its uptrend till the last week of September, that's when we can see some sort of sell off coming in.And that would make it a short term top for Gold.Gauging from the speed of up-move the prices could go to the levels between $1360-1380, that's 2-3% rise from current levels.
The severity of selling would have to be seen...