See how bears failed to push price down to support. This is our first indication that bulls are beginning to take control of this market.
Bulls did indeed take control and we've seen a breakout overnight of this range after some indecision at our key resistance level.
Where will price head next on this pair?
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Price has rallied up to tag our long term resistance zone before bears have entered the market once again. Will we see a break of our ascending trendline? Price still trading inside our blue highlighted area bouncing between key levels in the market.
We can see a break of descending structure, bears take over the market. Price finds support and is consolidating in this range. Where will see price go heading into next week?
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We can see price has followed our first initial price path by falling to our support zone in our flat channel. Bulls are sitting at this level once again, but will they be able to take price higher once again? Or will we see a break of this structure?
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We've seen yet another bounce off our support level and price continues to trade in our flat channel. We're expecting bears to enter the market around this level. Stay tuned and watch this pair as we head into next week. Will we see a breakout?
Here we can see price is trading in a flat channel highlighted with the black horizontal lines and our green highlighted rectangle. Price is contained in this area. We are waiting for price to breakout to the downside on this pair.
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GBP/JPY 4HR - Remember yesterday we posted analysis on the pair expecting a break and retest move to the upside. We didn't get triggered into this trade as price didn't come back to test our key level, but we certainly saw the bullish move.
However, price now testing our 4hr resistance as expected. Will we see a break or a bounce heading into next week?
We can see EUR/JPY is currently trading around our long term resistance zone. We have highlighted our flat channel and marked key levels in the market. Price has been gravitating towards these levels and bouncing.
Scaling down to the 4hr timeframe we can see a short term support zone marked with a black horizontal line.