Hello traders. With the price reaching the level of 50% and also intersecting with the downtrend line and -HD , I expect the price to drop well from there.
We consider selling this pair if the price fails to form a new high and we will buy if it breaks the current resistance right away. the entry and exits are indicated on the chart. We know what we are doing and we do what the market is doing. This is more than an institutional analysis. Invest wisely.
We expect to open a buy position with 2R risk to reward ratio because the price is experiencing a strong resistance on the downside in such a way that it is very difficult for the price to break downward. Therefore we expect a strong upside move after the market opens. DISCLAIMER, invest at your own risk.
The market has already formed double tops and it is also showing all signs that it will make a triple top setup as it approaches a strong resistance level. This also accounts for a market distribution phase. If this setup abides then we expect to enter a sell position with a risk to reward ratio of 4R. The entry point and exit points TP1 and TP2 will be as shown...
GBPJPY has failed to close above key zone on the H4. Looking at lower timeframes we are seeing volume change and equal lows on the 15 which could make a HnS pattern signalling market downwards moments.
