After 5 days of consolidation above the weekly resistance now support . also a fake breakout yesterday and MA's still in the biased direction in the weekly daily and 4 hour. i favour a long position for 118 pips.
AFTER WEEKS OF LOWER LOWS BEING CREATED AND 68.1% FIB BEING HIT AND NO CANDLES BEING ABLE TO BREAK ABOVE JUST WAITING FOR THIS TREND LINE TO BE BROKEN FOR CONFIRMATION TO ENTER SHORT TO CREATE A NEW LOWER LOW....!!!!!
First of all , I've mapped out the support and resistance's and there is a clear bearish movement, its reached one of the support at the
151.835 key level , we should be seeing a retest pushing back towards the resistance and we should hopefully see it drop down to the 151.183 key level! FX:GBPJPY
The stock is still in an intact upward trend, and is currently about 50% into the correction of the previous upward movement. In order to find an entry in the long direction, we should be on the lookout for signals in the subordinate trend. In the hourly trend, we could soon see next upward-pointing 123s occurring. Here, the entry can be made at the point 2 or...
-weekly ascending channel
-weekly higher low made
-weekly counter trend line broken
-4hr ascending channel
-4hr fib found support at 61.80% level however there is a chance of further retracement before going long
-4hr target 1 - 127.20%.
-4hr target 2 looks very likely as it has confluences with upper channel boundary to make new higher high.