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

----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Support & Resistance Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Candlestick Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> R:R Min 1

Weekly - treating price action with a downtrend bias due to price not making breaking previous high and finishing as a LH. However price action on the lower timeframes can change this during the course of the week.



Daily - price bounced off previous support (strong, 3 touches) and created a HH. Price action currently at a HL after bouncing off creating a resistance at 147.05 - let's see if the lower time frames support this uptrend bias.



4hr - price bounced off a newly created support creating a wide double bottom . Recent price action created a LL in with a downtrend bias in play. Possible retracement to a 1hr/4hr resistance and continue downtrend?



1hr - price retracing to 1hr support line as per 4hr meaning we have an overall downtrend bias for the week



Targets set a daily support: 143.8 with reentries to buy the pull back. However if price refuses to break this level the retracement might turn into a uptrend continuation as per the daily timeframe bias.




Comment: Entries at 145.7 for shorts to the downside.
Comment: Market moved according to the weekly + daily uptrend bias. Price action determined a LONG call at the daily and 4hr support creating a double bottom inside a double bottom and continuing a long buy after the tweezer bottom formed. Although price action on the lower time-frame called for a possible downtrend/trend reversal bias, the strong support allowed buyers to enter longs and gain significant moves upwards. No break and close below previous structures kept the weekly + daily bias alive.
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