another analysis today that i want to share with you. Here we are on GBPJPY and you can see that we are up against a previous daily structure level on the left hand side of your screen.
In cases like this i start looking for some shorting opportunities in lower timeframes, such as 4hr chart. On the right hand side of the screen you can see price is right at the 618 fib retracement of the bigger downward legative move.
In addition to that there's divergence and at the end price has created an kicker that i usually consider as a reason for entry when other criteria are met.
So i think this may be a good shorting opportunity in order to take some profit off of the market.
The current candle is pulling a little back so we can enter the market with a better risk to reward.
Stops above the highest high, target at the retest of the most recent low, and then we can leave a position for futher movement.
Hope you can find it useful.
If you have any question feel free to comment below.
Otherwise, see you in the next chart!