The price of GBPJPY is approaching the major support level (144.xx-143.xx). So what?? It's like we driving close to a intersection, we are in a pyschological zone that need to be focus. Can we sure that we will stop or keep on our gas pedal?? - I repeat - WE DO NOT KNOW.
So we wait for the signal from the traffic light. Rush in and the cops will knock your door shortly!
The EURUSD is currently inside a symetrical triangular which is a neutral pattern. However last 3 candles look really bearish, we can expect a break out soon. So once the price breaks down the pattern, it encounters the major support at 1.15500.
Watch the price action at the support zone and follow the trend
I observe that the price broke the support line few days ago after forming a perfect double top pattern. The price is now re-testing the support line.
If the price goes lower than 85.0, it's a good time to Short. So, just WAIT for 2-3 days
If the price continues going higher, we will re-consider.
TP 1: 84.0
TP 2: 83.0
R:R ratio should be 1:2 or...
It is very clear that the price touch the support level of a strong channel.
Will it bounce upward? Maybe!
Will it break the channel and go down? Why not? The price has touched the support level for 3-4 times
We need to wait for confirmation. Just wait