FX:GBPJPY   British Pound / Japanese Yen
22 0
Wherever the market goes we go!

----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Support & Resistance Structure & Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Candlestick Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> Break & Close of Major S/R Structure - Bullish or Bearish
----> Candle - Structure - Fib - Bias - Overall

Weekly - Market still accelerating northwards and all this supposed bullish pullback is looking like an uptrend bias. NO break or close of previous structure but lets see what we can deduce on the lower time-frames.

Daily - price has reached the and touches the daily resistance. It has also created a higher high. There was no close or break of this structure so although the overall bias on this time-frame is bullish we are expecting a possible pullback before continuing upwards.

4hr - similar to the daily time-frame we see price has already reacted to the daily resistance and heading southward. We see there is plenty of supports for price to reach. These pullback zones have the potential to reverse the trend to a bearish bias. Shorts to 145.0 and 144.8 are the first areas of short targets and long entries for continuation of the trend.

1hr: Similar to the other time-frames here are the possible shorts targets for the week or pullback move. These targets at 1hr supports are also entries (+ 4hr supports) for entries to enter buy positions for the overall uptrend bias. No break or close of structure price still has a higher high structure in place and fib plays are showing price is currently retracing.

Entry: 146.3
Targets: 145.5/145.1
SL: 146.8

Entry: 145.1/144.8
Targets: 147.0/148.0
SL: 144.3

Remembering that the weekly bias remained bearish and was awaiting a significant area for the bullish pullback to end and the downtrend on the subsequent lower time-frames to commence. This was clear to see on the daily timeframe and on the 1hr time-frame as price as reached it's fib extension and strong resistance (daily) and had created a lower low (1hr).

Price retested the daily resistance as it did on other YEN pairs before crashing lower to the downside.
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