- I am very much concern with GBPJPY current price.
- Price has reached on Daily Strong Resistance area.
- Rejection with a strong pullback candle will be a sign fro here to go for bearish direction.
- While the structure still indicating Bullish trend, So the breakout of this strong resistance will be a long position signal.
- As per market structure my Direction is to short the pair.
- Before short we have to wait some confirmations as follows:
1) Let the price break Daily support
2) Let the price break Triangle support
3) Short entry can be taken on retest
- GBPJPY still looking long but we have to wait for tis breakout of mentioned daily resistance.
- After the broken resistance long entry can be taken for next resistance.
- If you are considering for short i recommend you to enter in short after the broken last low.
- Still the last analysis of usdjpy is valid on daily time frame.
Above is the previous analysis:
-Now my Consideration is for long entry as the market has given a very beautifull impulse and correction structure.
- What we can see is price has reached on a strong Daily Resistance level.
- In my view if we can wait for daily bearish price action then the signal will be too strong.
- Also if the price will be able to break on H4 Structure support after price action then we can also sit for short.
- Trade wil be valid only after confirmations.