NOTE! The GBP/JPY is a clear bearish trend. However there are 3 (+1) mains reasons why the market may rally up a little bit. 1. Formation of the 3 White soldiers pattern. 2. The extension and retracement levels join the red trendline. 3. The .382 Retracement of the A-B leg falls on the same level is the extension of the a-b leg. 4. abcd pattern is possible.
Sunday analysis. NOTE! The GBP/JPY is clear bearish] trend. But there is a possiblity for a retracement to the .382 level because the following reasons. 1. Three white soldiers pattern is formed and closed on the weekly chart. 2. The .382 retracement level of the A-B leg is at the extension of the blue A-B leg. 3. Red trendline falls exactly on the same level ...
Sunday analysis; 2 ways to trade. 1. As you can see there is a possiblity if the market continues to go down that there is a head & shoulders. 2. If the market breaks the upper trend line, you can buy up to the blue rectangle. (If there is a break out even go higher) NOTE! Head & shoulders is not yet formed.
Sunday analysis; The USDJPY is a clear bearish trend on the weekly, daily chart. on the 4H chart however there is a possiblity to make a quick trade against the trend by buying at the breakout of the triangle. BUY: Breakout traingle aim at previous high channel level. SELL: Breakout traingle aim at previous low channel level.