Like we said yesterday, we expect a pullback to 1,1640
The 1,1640-1,1680 is an important resistance zone and from there, we will be looking to sell.
This could happen today, but only if we get a clear entry signal.
We can use different strength for support and resistance levels.
Such as Support level from lower strength and Resistance level from higher strength.
Where or when were the current supply & demand zones formed? You may track back to 10 months ago
EURJPY has recently entered into a narrow daily range with solid support and resistance zone (also defined by 50 % fibonacci). However the range now shrinks and the ratio between daily positive and negative return oscilates around mid-level (check RSI).
With that said and others technical factors considered like double bottom , broken corrective lines , ...
GBPJPY - 4-8 Oct Weekly Plan
With Sept close bearish below recent monthly support at 151 and Monthly resistance from April 2018 at 150.50, I would expect more down side continuing the current bearish pressure.
Previous weekly solid bearish close confirms the bearish pressure on GBPJPY and any pullback failing to create new high and get rejected...
At this point in time, the most important thing to pay attention to is that the area between the ¥149 and the ¥150 level continues to be a major support level and is heavily defended including the 200-EMA. However, each successive high continues to get lower so it does make a certain amount of sense that we may see an attempt to break down below the ¥149 level...
SL- 114 (Conservative)
Price has come near the Demand zone and has touched it a few time.
The best thing is 2 Monthly zones and 1 Daily zone are colliding (sign of a strong demand zone) which seems to be difficult to be taken out. Also RSI is showing Regular Bullish divergence
Safe ones can wait for Trend Reversal to enter.
USD/CAD traded slightly higher after it hit once again the key support zone between 1.2580 and 1.2600 and the price step again on 200-EMA. That said, the recovery stayed limited near 1.2711. Lately, the pair has been trading in a consolidative manner, and thus, the experts will refrain from confidently calling its next trending direction.
In order to start...
GBPJPY 19 - 24 Sept Outlook and Trade Plan
Weekly closed Solid Bearish
Daily Solid Bearish LH/LL
4H Bearish (First break of bullish structure)
Nothing major changed from last week outlook except that we managed to close below 151 after we formed HH last week but failed to hold the bullish structure and on Friday we had formed LH on 4H after retesting...
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GBPUSD was in an ascending channel last week ,It formed a double top and broke out of the channel and again has began forming h&S . Now we are going to wait for the right shoulder to be completed and enter sells with targets at demand zone.
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