After pushing down from last night's high, price has failed break below yesterday's lower low on the hourly chart, on the 4 hour chart price seems to be rejecting off the 20MA. On the hourly the price has broke through the structure of the move down, I will wait for a re-test of this level or a bullish push and a small bearish correction to confirm a move up,...
This could be the end of a big pull-back on the weekly chart. On the 4-hour chart the 20 and 50 MAs have just turned to down trend,
on the Daily chart the price is currently in between the 20 and 50 MAs.
If price bounces off resistance around 1.11400 (which would be the 20 MA on the Daily chart) then the move down on the 4-hour chart could continue on to...
GBPJPY 4-hour chart shows price has passed through MAs, MAs have crossed over into a down trend; price has then touched MAs and shown a rejection. I think after the market re-opens price may or may not re-test MAs but will drop to at least last supply zone at around 141.000, should be around 100 pips.
I seem to see this pattern a lot, where the price drops...
