GBPJPY 2 - 6 August Outlook
1- Monthly structure still bullish even with the resistance formation at 155.63 as long we hold closes above 151 we will challenge the highs again. Anticipating August candle to wick down forming a support on Daily and 4H for testing the highs at 153.40 and above.
2- Weekly structure is bearish and a close above 153.65 will give the opportunity to continue the monthly bullish structure.
3- Daily structure still bearish with LH/LL formation, holding support above 152 will give the opportunity to challenge 153/153.65 for bullish continuation. A close back below 152, will invalidate the bullish move and a possible retest to the lows created at 149.50.
4- 4H structure solid bullish with HH/HL formation.
I've 2 Scenarios as following:
Scenario 1: Bullish
Holding support above 152 will give the opportunity to retest the 153/153.65 and with a close above will indicate that we had formed HL on daily which will target the 154/154.50.
Scenario 2: Bearish
A close below 152 will be the first sign of rejection, a lower resistance formation below will confirm the daily bearish structure continuation and the lows created at 149.50 will be in play as targets.
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Good luck all, wishing everyone a good trading week.
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