Analysis on #GBPJPY
The market may soon test my strong support zone where the market previously shows bullish behavior and moved to the upside, also where a bullish harmonic ABCD pattern may complete soon
If the market comes and tests my support zone I will then drop a one-time frame look for a buy reason to get in a buy trade with a good risk to...
GJ is in an uptrend, so with that being said, we're hoping the price comes back down to a significant level In the Daily or 4h time frame in order for the price to potentially bounce off and continue to the upside.
If you know about institutional candles this is something to look for, daily uptrend but finding some weekly resistance at the highs. Last week closed doji so we could have a final push up to take out previous highs before swinging back down.
Institutional candle = trapping sellers on the wrong side of the market before a strong push in the opposite direction (up)...
Please manage your risk. Use Stop loss. And do not take blind entries.
If you have a question let me know. If you want to analyze any pair let me know.
This is just an idea. What we see.
The Market can go in the opposite direction, what we analyze. So we have to manage our risk and adopt the situation accordingly.
Analyzing GJ I spotted a few things one being that there is an inverted 3 pin formation on the weekly timeframe. Also clear as day there is a inverted head and shoulder formed as well on the daily timeframe which I don't feel like it got it's justice YET, with that being said I see the bulls coming in and taking over. Price is in a very tough spot at the moment...
GBP Long Bias
- LogicStrategy score shift of +14 points towards strength
- Core Retail Sales m/m show better than expected changes in retail sales in the given month compared to the previous month. The index calculation does not include auto sales and fuel, which tend to be very volatile. It is an indicator of consumers spending that allows estimating the...
GBPJPY as you can see is stucked in downtrend channel, but it bottomed hard on huge major support and
probably the last (third) touch of downtrend channel.
I will be looking for longs on GBPJPY to the 143.500 and then to the weekly resistance of 145.000, all depends on
Price action and how this pair will react.
I will update this idea as soon as its gonna get...
GBPJPY is approaching our first support at 140.18 (horizontal swing low support, 78.6% fibonacci retracement, 100% fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 143.56 (horizontal overlap resistance, 38.2% fibonacci retracement, 61.8% fibonacci extension).
Stochastic (34,5,3) is also...