Market has been in a range for quite a while -
- Sellers were able to push prices downwards beyond the support and reached the 104.200 level, a retracement followed to the past support area & now resistance also is 61% area in the Fibonacci . Buyers tried to break that area but it holds strong and seems to be heading down again to the 104.200 support...
Generally the DAX30 was on going a retracement after a long bullish run from March 20 - the following presents a 4 hour chart idea based on price action and technical analysis -
* Moving upward the price had crossed the 21 MA and support area of 12580.
* it then made a retracement and tried to go below the 12500 level downward but it was hammered up by the buyers...
The following analysis is based on a 4 Hour and 1 hour Multiple Time Graph Analysis:
As you can see GBP/JPY has reached an Important resistance area, and has created a double top formation on the 4 hour chart and the RSI.
It should be a great short opportunity if it breaks the candle formation and goes under the 138.2 level - heading towards its 1st support area...
