GBPJPY wait for a pullback before shorting again.
Updated
Price Altitude: Middle
Daily Trend: Down
4H Trend: Down
Analysis: GBPJPY has made a parabolic move lower last week and is now sitting in the middle of the price altitude where it has been trading back and forth between the 75% and 25% resistance lines. Wait for a pullback to short with higher timeframe trend.
Prediction: I am looking to short this pair once price reaches 4h supply @ 143.114 or 143.929 should the former fail.
Price Points of Interest:
4h Supply @ 143.114
4h Supply @ 143.929
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Daily Trend: Down
4H Trend: Down
Analysis: GBPJPY has made a parabolic move lower last week and is now sitting in the middle of the price altitude where it has been trading back and forth between the 75% and 25% resistance lines. Wait for a pullback to short with higher timeframe trend.
Prediction: I am looking to short this pair once price reaches 4h supply @ 143.114 or 143.929 should the former fail.
Price Points of Interest:
4h Supply @ 143.114
4h Supply @ 143.929
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Note
As expected, GBPJPY bounced off the daily and 4H demand at 140.500. Any longs here are counter trend. In order to go long, I would need to see evidence of supply zones being taken out before going long (confirmation) and taking profits before opposing supply zones.Note
GBPJPY decided to turn around at the nearest supply @ 127.00 (significant psychological price point). To continue to grind its way lower.
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