i am still slightly bearish in GJ.. important news in GBP this week will confirm the direction of the dragon pair. will it break the pennant and resume the downtrend to complete the flag pattern formation?
I expect the price to retrace at the 61.8 fib or even lower. Then any break above the flag will be the start of a long period of buying GJ! trade safely!
price at the 4h chart made a new high yesterday, pulled back and failed to make a new low. I see an inverted H and S pattern and the resistance at 141 or 141.2 might be seen tested today for bounce or breakout.
I will watch this pair closely and if we see a breakout on this pattern, we go back in uptrend!
The dragon pair has broken the triangle and now is in a downtrend... In my personal analysis, this pair is forming a bullish flag pattern (projected in purple lines) in Daily probably down to 61.8% fib retracement at 133.72 or 129.65 which has a very nice support (looking left).
So I will watch the price action of this pair and will wait for the flag formation ...
Asia and London sessions pushed down the monster pair to the 61.8 fib retracement which is the 140.5.
I entered long from 140.53 as I believe this is a strong support area and also showing RSI oversold.
I expect a pullback to the 141.5 then i will short it again to 140 as the last push downwards to the symmetric triangle support (orange line)
Then we'll see ...