USD JPY has a double pattern set up
first in the PRZ zone of a daily Gartley
then bounce off 4hr butterfly. 1618
Both patterns are a retest of the daily Trendline
this also sets up a potential C-D leg of a 4hr cypher.
Price respected perfectly our PRZ
daily zone (blue support) and closed
4 times above the daily 61% fib (black one)
making 2 dojis in a row above it and breaking
that flag pattern completing the 2nd impulse
so now we gonna buy it for a quick intraday
set up with 1:1.5 risk reward
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price is making a clean movement to the upside,now we are at the 3rd impulse above the privious one and previous structure also,another confirmation is price closed last week above our PRZ and MP weekly zone
Hello traders! The 118.66 high on Friday has since kept the buyers in check. Since then we have been seeing some consolidation that is easing the overbought conditions. The first reasonable level to see potential dip buyers step in is around the 116.12 figure. It is entirely possible to see dip buyers step in before that at around 117, but 116.12 is a much better...
Normally we wouldn't be looking to buy the GBPUSD with the strength that we are seeing in the Dollar, but there is a lot of confluence here at the 1.242-1.24 zone from our institutional research. We know that institutional traders will be looking to this zone for a bounce so the likelihood of decent volatility at the zone is very high. As usual we will be using a...
TRADE UPDATE
Previous analysis:
Please see original analysis for in-depth explanation of our long bias.
We are still awaiting a break above and close above this red short-term down trend line on the hourly chart to execute a long position on this pair. We will also need to see confluence from our price action forecasting algorithm forecasting a move to the...
