This week was a bullish week, but as predicted it ended up back on the bearish side to drop to a shocking 150.200 which is 330 pips from my consolidation rectangle from last week. So as you can see the ADX and the DI- line are over the 25.0 and 20.0 lines which means there is a strong bearish trend to continue. Strong Bear Guys !! Enjoy.
Although this week my first few analysis were bulls and my last few leaned more to the bear side. Its safe to say if you followed my last two analysis you'd be in about 270pips profit about now. My analysis for this next week is a bit neutral, but its going to start off with a reverse in the current area up to about 151.623 for the most and then resume its way...
Lets see how this goes. Keep an eye on reversal zones 38.2%-61.8%. From there just enter your sells and enjoy. If it does break through those reversal zones, the likeliness of it reversing is low so hold a bull position. In addition... Further confirmation would be that both the ADX line and DI- line are over the 20.0 and 25.0 lines which are signs of a bearish trend.
Due to the current market status being a consolidation, the move to the S&D Zone seems to look small. So my new analysis shows a consolidation rectangle and whether it breaks out through the top or bottom it has to move 40pips before either reversing or continue in breakouts' direction.
GBPJPY has been trending upwards for some time now... The momentum it has right now doesn't seem like it will slow down until around 155.290 or it can face a possible reversal at 154.129. I'm open to further opinions.
