GBPJPY Downside Movement?
Daily
Price on the daily is uptrending, and has recently entered a zone which caused price to begin a long bearish move. There are signs of indecision and bullish rejection, as a doji spinning top and doji bearish pinbar was recently formed, both strong signs we could be seeing a change in momentum to the downside.
4 Hour
Dropping to the 4 hour, we can see further signs of indecision and bullish rejections. Price also just managed to create a close below 147.350, current 4 hour lows. The candle which did close below has some rejection, however its much larger than prior candles, and so I think there is a chance we can see price moving lower.
Summary
There are signs that a change of momentum can occur on both the daily and 4 hour. If price creates more confirmation, I will be looking at price moving towards 146.450 and 145.450, both 4 hour market structure level. Since the underlying trend is bullish, I am keeping projections conservative.
Price on the daily is uptrending, and has recently entered a zone which caused price to begin a long bearish move. There are signs of indecision and bullish rejection, as a doji spinning top and doji bearish pinbar was recently formed, both strong signs we could be seeing a change in momentum to the downside.
4 Hour
Dropping to the 4 hour, we can see further signs of indecision and bullish rejections. Price also just managed to create a close below 147.350, current 4 hour lows. The candle which did close below has some rejection, however its much larger than prior candles, and so I think there is a chance we can see price moving lower.
Summary
There are signs that a change of momentum can occur on both the daily and 4 hour. If price creates more confirmation, I will be looking at price moving towards 146.450 and 145.450, both 4 hour market structure level. Since the underlying trend is bullish, I am keeping projections conservative.
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