Straight forward really, bearish movement down to our support area ( red zone ) then a bounce and bearish movement to our resistance area ( green zone ) I'm just going to keep this 1 simple as there are a few simple people about ;p if the cap fits wear it.
Here we can see another strong support that has formed and has also been used as resistance before, price is nearly at this level now and we are expecting a bounce and a bullish run up to our resistance zone ( green box )
If we get this bullish run and price does turn at our resistance zone there is a possibility that a head and shoulders chart pattern will also...
GBPJPY has been travelling in an descending channel, it had a little fake breakout , but price came back into the channel, retested the inside and has started travelling down.
Price formed an ascending channel on its way up , however it has now broken out to the downside and has come back to retest it , giving us another indication that we should sell.
Key strong support / resistance level is pointed out with our arrows ( if you follow us you will know this )
We are expecting price to retest this level ( its not far away ) and then bounce making a lovely bullish run possibly up to our next resistance level ( top green line )
Use this in line with your own analysis, so if you loose your house you cant sue us ;p
Here we have a key support and resistance level as show by purple arrows ( resistance ) orange arrows ( support ) When price comes to this level it normally fails to break it and price is currently sitting at this level using it at support.
Now look at the previous 4H candle that was formed and closed, it had a long lower shadow ( spike ) that tried to break this...
Price has been pushing higher this past week.
On the 4hr we have had a solid DBR which leads me to believe we could see some pull before price pushes higher.
This does look like it could set up for a RBD back into the the 145.700 level which is where I will place an order to get long.
Target areas to watch would de a daily Supply level at 152.00 and the we...
This level ( green line ) is not to be ignored.. it is a strong support ( orange arrows ) and resistance ( purple arrows ) level.
Price is currently sitting at this level and using it as support at the moment, we are expecting a bounce and some further bullish movement.
Wiping all the indicators off the chart reveals the natural beauty and makes it simple....
After Thursday and Fridays bearish run last week price is now sat at an important support level and with Fridays candle closing as bullish on the 4H chart we are expecting price to carry on respecting this level, we might get 1 more test and bounce of this level before finally ending up in our green zone.
Wit the only high impact news for this pairing coming on...