British Pound / Japanese YenUpdated GBP/JPY-4-Hour overview
Hello everybody, I want to share this with you!
-On a 4-hour time frame chart, we can see that the price is moving in a descending triangle pattern, we can see that the price broke through the support line of a descending triangle but then the price returned moving within triangle pattern.
-We can see that the price closed with a nice bullish candle and we can also see that the price tested and rejected the resistance line of triangle pattern with a small upper wick.
-On stochastic indicator, we can see that the price is supposed to rise, we had crossover and the price is in a stable bullish momentum.
-On a daily base, GBP is at a similar level as JPY and on 4-hour and 8-hour base, GBP is much stronger than JPY,...That is why we had a bullish movement last 12 hours.
-If GBP remains stronger than JPY then we can expect further bullish movement and IF JPY gains some power and GBP loses its power then we can expect bearish movement!
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.
-On a 4-hour time frame chart, we can see that the price is moving in a descending triangle pattern, we can see that the price broke through the support line of a descending triangle but then the price returned moving within triangle pattern.
-We can see that the price closed with a nice bullish candle and we can also see that the price tested and rejected the resistance line of triangle pattern with a small upper wick.
-On stochastic indicator, we can see that the price is supposed to rise, we had crossover and the price is in a stable bullish momentum.
-On a daily base, GBP is at a similar level as JPY and on 4-hour and 8-hour base, GBP is much stronger than JPY,...That is why we had a bullish movement last 12 hours.
-If GBP remains stronger than JPY then we can expect further bullish movement and IF JPY gains some power and GBP loses its power then we can expect bearish movement!
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.
Note
We had lot of gaps in market so now the price is sitting around 134.075
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.