GBPJPY Local S/R|.50 Fibonacci|Swing High|Daily S/R|Price Action
Evening Traders,
Today’s analysis – GBPJPY- trading below Local S/R that has confluence, further downside probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance ( .50 Fibonacci Confluence)
- Long Liquidity Target ( Dynamic 200 MA Confluence)
- RSI Bullish Control Zone
- Increasing Volume
GBPJPY’s immediate price action is impulsive under Local S/R where a bearish retest is probable; this allows us to have a bearish bias.
Long Liquidity being in confluence with the 200 MA, is likely to be tested with a wick. Exceeding this level will make the extended target, Daily S/R.
The current RSI is in its bullish control zone, breaking below will be indicative of weakness in the market.
Current Volume Profile is increasing, this signifies a true break of Local S/R where follow through is probable.
Overall, in my opinion, GBPJPY is a valid short with defined risk; price action is to be used upon discretion/ management.
Thank you for following my work
And remember,
It does not matter how slowly you go as long as you do not stop.”Confucius
Today’s analysis – GBPJPY- trading below Local S/R that has confluence, further downside probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance ( .50 Fibonacci Confluence)
- Long Liquidity Target ( Dynamic 200 MA Confluence)
- RSI Bullish Control Zone
- Increasing Volume
GBPJPY’s immediate price action is impulsive under Local S/R where a bearish retest is probable; this allows us to have a bearish bias.
Long Liquidity being in confluence with the 200 MA, is likely to be tested with a wick. Exceeding this level will make the extended target, Daily S/R.
The current RSI is in its bullish control zone, breaking below will be indicative of weakness in the market.
Current Volume Profile is increasing, this signifies a true break of Local S/R where follow through is probable.
Overall, in my opinion, GBPJPY is a valid short with defined risk; price action is to be used upon discretion/ management.
Thank you for following my work
And remember,
It does not matter how slowly you go as long as you do not stop.”Confucius