The bull run may be over. We will find out in the fibzone/SR area marked.
If buyers show up again, price should retest the high at least.
If no sellers show up, we may be switching over to a bear market and I would look for a pull back to this zone after a push through.
GBP/JPY is starting an uptrend on the strength of the pound recently.
A retracement and pull away has happened in the fib zone and previous SR
Would like to see it cross the white line before going long.
Volume on the lower TF supports strength at cheaper prices.
Sell off to end last week, waiting for information in relevant zones to indicate a continuation of the bull trend, and more importantly when long positions are re-accumulated.
A couple options here, however we will know more when price enters key levels during active trading times tomorrow.
USD/CAD experienced profit taking at the high, as well as a distribution pattern followed by a down move to confirm.
It has now reached the confluence of FIBZONE and S/R, where we will gather information on bulls.
I will add comments with 1hr analysis
The dollar has been weak, and EUR/USD has rallied out of the daily range this week with significant long positions not yet taken profit. Review my previous analysis predicting this in the related ideas below.
For Friday, there could be no movement, but I am looking for long setups in the boxed areas below price level, with first targets being yesterday's high....
In my previous analysis I indicated I am looking for a long entry on this pair. I was expected strength to show up around the 1.400 range, but the 1.430 area (also a FIB ZONE) is showing some signs of strength.
If you look left, this is a previous high volume resistance zone, now serving as possible support.
Too soon to call it, but with some other support...