Bearish trend line reached on GBPJPY! Looking for SHORT
I can see two possible scenario here:
Scenario 1 (80%): the price will retest the bearish trend line, cause we are in strong bullish momentum (as you can see from the MacD) then fall again through the second bearish trend line, to create a deep low. Keep on eye on the 200 MA line, and take you’re conclusions. :)
Scenario 2 (20%): the price will follow the bullish momentum, breaking the trend line, retest it and go up until 1.272 level of Fibonacci extension.
Scenario 1 (80%): the price will retest the bearish trend line, cause we are in strong bullish momentum (as you can see from the MacD) then fall again through the second bearish trend line, to create a deep low. Keep on eye on the 200 MA line, and take you’re conclusions. :)
Scenario 2 (20%): the price will follow the bullish momentum, breaking the trend line, retest it and go up until 1.272 level of Fibonacci extension.
Trade active:
Two important candlestick pattern, that are indicating the beginning of the bearish trend