GBP/USDattempts to retrace the decline from the start of the month, but the Relative Strength Index (RSI) undermines the recent rebound in the exchange rate as the indicator continues to track the bearish formation carried over from December.
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EURJPY is approaching daily demand zone (blue). Price has been selling heavy which might indicate the demand zone might not be respected.
personally looking for price to come towards the 119.5/119.2 as it's a better bargain area to buy.
CADJPY is in a ranging atm. Price came to daily demand zone (blue), broke and retested a newly formed 4hr demand zone (yellow). Looking for price to come back to 4hr demand and bounce off the refined 15min zones to look got longs.
Also I will be looking for short as well incase the price doesn't come back to demand, I'll be looking to short around the 83.5/83.4...
gbp jpy consolidated after rallying from daily demand, however price rallied up from there an created new demand zone. Waiting on price to consolidate at the current demand zone so I can enter on the rally.
previous analysis shows eur/jpy approaching daily demand (green) and bounced off the demand as expected, price has stalled and consolidated at minor demand zone (yellow). This is due to the institutions taking profit at that level and have pending orders which will be filled in due time.
Minor demand created a rally base rally type move so I hoping to capture the...
1) Price has reached the bottom of this downward trendline and i am looking to see some kind of comfirmation to the upside
2) Price looks like it is has broken the smaller support at the 0.6474 and came back for a restest
3) After the restest Price had a small impulse to the upside. This candle looks like bearish engulfing
Risk to reward is roughly 4
For my free...