Price has a key resistance at 161.527 & a new low at 160.655. Now price if price makes a breakout of recent low then price might continue to push down to major support zone at 159.998 on a higher timframe. However we see about 66 pips rejection from the recent low on gj so a breakout of the resistance could happen if 4hr candle close with a bullish engulfing...
GJ moving in respect to 2 trendlines while getting shrink in between creating a symmetrical pattern. And also price facing major support at 160.858 & resistance at 162.672. if the support is broken which seems very likely now, then price might continue to push down to the next major support at 159.998 or go even further down. And if price respects the support &...
My bias is long for the following reasons Confluences: -Largest TF uptrend -Bullish flag formation -Strong daily support formed -Descending triangle pattern *** Opposing forces: -Sporadic global economic fundamentals
As the price is retesting the resistance, it needs to make a breakout of the recent high at 162.195 to continue pushing up to 162.652 while respecting 161.505 as its support. A breakout of the support might still lead gj to continue moving in the ranging phase.
GJ is moving in respect with the downtrendline while facing recent resistance at 161.971 & major support at 161.042. Now if gj makes a breakout of the support & previous low at 160.827 then it might push all the way down to retest the major key zone at 159.998 by forming another recent downtrendline.
GJ if breaks out of the current resistance at 161.967 then it might continue pushing up to 162.672 or create new higher high if even breaks out of 162.660. Similarly if gj makes a break & close below the major support at 161.170 then we can look for trades on short side anticipating gj to continue pushing down to retest 160.106 key zone.
GJ found resistance by forming double tops at 162.630. so it needs to breakout of that resistance to continue moving up to 163.543 key zone. And if gj breakout of recent support at 161.961 then it could push down to previous support at 161.601 or 161.250.
If the price makes a breakout of previous high 162.185 the gj might continue to push up to the key level 162.654 while respecting the uptrenline & the recent low 161.572 as its support.
Daily Flag Pattern 4H Trendline markup for Daily Flag Pattern 4H Ascending Triangle being created after touching bottom of Flag Pattern 4H Bearish Correction 1H Bullish Engulfing on bottom of Ascending Triangle trendline & 4H Zone. 30m double bottom (reversal pattern). Daily exhaustion at 4H Zone.
I was closed out early, but left it to watch where and what it would do after all I was curious. Good to see patience still works and we need to keep refining
GJ created a ranging phase from 162.022 to 161.106 which it needs to make a proper breakout of to continue moving in the direction of the breakout as mentioned by the arrows in the chart.
A bit late to enter the buy I waited for but those that have taken it, well done and very good spot. W/ Double Bottom, whichever you see I'll either wait for completion or pullback & consolidation whichever comes first before entering.
GBPJPY needs to make a breakout of the recent downtrend line to continue pushing up to 162.011
First looking for OB to be filled down below, if we can respect the area without breaking below the Gann box, I will take a long entry up to the top of the previous Asia session high.
Daily- Trend Channel (Flag Pattern) 4H- Trend Channel (Flag Pattern) Marked up off 4H. 1H- Trend Channel (Flag Pattern) Waiting for break & retest of 1H pattern. Once 1H break & retest, expecting price to reach the top of the 4H Channel.
G/J perfectly followed our analysis. Price reached the supply zone and then it dropped. Amazing!
After we broke out of the consolidation-Zone, we have a Point of interest between 163.250-163-500 where we can find a potential Sell next week. Entry: 163.230 SL: 163.505 OR 163.700 TP1: 161.885 (3% if you use 163.700) TP2: 160.000 Please like and comment what you think!