Here we have a bearish head and shoulders formed at the top of our bearish channel. I would look for sell entry reasons along the neckline of the head and shoulders.
Price has broken a major uptrend line. This uptrend line started in on June 15th. Price is currently retesting the trend line for possible entry reasons. There is also a head shoulders formed or our day time frame. You can use the neckline (bottom yellow box) retest as sell entry opportunities .
Looking for buys along the uptrend line or wait for price to close above 139.500s. If price breaks the uptrend line, id look for shorting opportunities.
GBPJPY has been ranging between these two zones of support and resistance. Breakout traders can wait for a break and retest of support or resistance for entry reasons. If price does not break support or resistance, than id look to buy at support and sell at resistance.
The neckline (resistance) of this bullish head and shoulders has just been broken. The next possible entry for a buy could be along the neckline or previous resistance.
Price has made a major reversal in our golden zone. On the 15m time frame, you can see higher highs and higher lows forming between the 50%-68% retrace area. Price has also broken our counter trend line, after retesting previous resistance. This could be the beginning of prices next impulse up.
