GBPJPY the precious pair has been on an overall bearish move on the Monthly TF. Since last week we saw price unable to break the 199 price level after a second retest, pushing The Beast down, creating Lower Highs and Lower Lows. Its also worthy of note that that area is also the second touch of the Monthly 61.8fib.
Following the current Bearish move, price is currently at the 61.8fib level of the last impulse move. This Fib Level also coincides with the descending trendline and the area of Support turned Resistance. We look out for a sell comfirmation to get into a sell OR we wait for price to break the last Lower High which is the 193 price area to comfirm a change of Character.
Following the current Bearish move, price is currently at the 61.8fib level of the last impulse move. This Fib Level also coincides with the descending trendline and the area of Support turned Resistance. We look out for a sell comfirmation to get into a sell OR we wait for price to break the last Lower High which is the 193 price area to comfirm a change of Character.
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.
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.