On the daily timeframe the market is within prices 165.990 and 155.325. The market pushed to the upside in a corrective manner and got rejected by the daily order block.
As we go to the 4h timeframe there’s this head and shoulders pattern formation and price managed to complete the pattern after a long horizontal channel with little momentum. After the completion price abruptly went bearish and respected the 4h demand zone. Price currently at 50% o this channel…
Based on the daily and 4h timeframes we have the impression that GBPJPY is bound to go bearish. The current price is heading to the breaker block, therefore we expect an impulsive drop immediately after the market violates the breaker block. In this scenario the target is 159.737 which is the order block and the ascending bottom of this channel…
As we go to the 4h timeframe there’s this head and shoulders pattern formation and price managed to complete the pattern after a long horizontal channel with little momentum. After the completion price abruptly went bearish and respected the 4h demand zone. Price currently at 50% o this channel…
Based on the daily and 4h timeframes we have the impression that GBPJPY is bound to go bearish. The current price is heading to the breaker block, therefore we expect an impulsive drop immediately after the market violates the breaker block. In this scenario the target is 159.737 which is the order block and the ascending bottom of this channel…
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.