GBP/JPY 1/22/2021 2:05 NO TRADE
Cot: Price action is mostly influenced by funds coming from the Japanese Yen but price action reacts loosely, delays and such. Maybe a few longs are still entering the market but funds could have easily changed directions. Longs followed by shorts possible
News and Events: No upcoming events for the...
The market is in an overall Downtrend since a very long time.
We are going to walk trough these Timeframes:
W1 - D1 - H4 - H1
We're going to explain only things which aren't obvoius on the first look.
Let's begin with the weekly Timeframe:
As you can see the market keeps falling since many months.
In this analysis, this it's another update of the chart that Bitcoin it's continue down in H4 timeframe. And that what I selected in red circle this it's an theory that price action it's show a bearish candlestick group.
Now if you see in H4, this it's so bearish for the crypto market. But if you see in the chart like H1 or H2 timeframe, you can to noticed that...
Good day traders.
A rising wedge pattern on this pair, on the Daily chart. This is the timeframe I do my analysis, and look for trade setups on lower timeframes. I shall post my trade setup shortly after I post this trade idea. Look out for that one. I am posting this higher timeframe analysis to show where my trade setups will come from moving forward. No longer...
Price is currently in an uptrend, presently at the trendline which has held nicely for quite some time. It's very likely we see a rejection of this trendline to the upside for another retest of the supply zone at 80.9. If price rejects this area also breaks the support level, it could signify the beginning of a downtrend.