GBP/JPY PRE BOJ DESCISION ANALYSIS (SHORT SCALP) So as we are awaiting this news filled week to unfold, we are aware of the news arriving for GJ tomorrow; or tonight rather. Per previous research, I have come to the conclusion that japan is interested in contracting their economic velocity for lack of better terms. That explains the decline GJ has been experiencing for the last few weeks to say.
Nontheless, this analysis is all about the potential scalp before the news release scheduled for the next asian session on tuesday. My current analysis shows the scalp I have entered to chase the next low (liquidity zone on bottom). We can see the lower highs we made in the last few hours, along with the rejection from the supply zone up top marked with the rectangle in grey. This move is specifically targeting the demand zone on the lower end of the market chat also marked in grey.
On top of this, the overall trend for GJ has been bearish and i believe it will continue to be bearish all the way through London session with a possible retracement in NY session only to see another rejection at a lower support turned resistance level.
Exercise caution this week, theres alot of news releases which will cause alot of volatility in the market. Not a bad thing per say but it will make it harder to trade the "normal" times of the day. Me personally, i might be trading more in the odd hours of the day to avoid the crazy swings in the market.
Thanks for reading, follow for more analysis; I will be performing analysis on GJ and Gold everyday this week!
