We can see that price breakout from the bullish channel, then the price move to a flag pattern but sellers pushed price lower again and they make a breakout from the flag either...
Now we can see the price is testing previous support.
We should see down action to 0.74616 - 0.73337 somewhere in this area we should see reversal...
Let's see what is going to...
GBPJPY has the potential to fall.. Around 250 pips. There's a lot more going on behind the scenes but to keep this shorts and simple -
GBPJPY has been very bullish from the start of the trading week creating highs at 145.000 which is a strong resistance area . Price has already had 3 failed attempts to breach this region. Instead it seems we started to trade...
I can see a continuation of the bearish trend after a retracement to the 25 EMA due to the RSI being too low.
To support my prediction, I have the bearish trend coming off from a resistance found in the daily timeframe.
The stop-loss has been positioned with respect to the previous consolidation region. An ambitious target price was chosen short of a support...
EMA SMA crossed smoothly...expect some pull backs but won't reverse the market until S1 S2. Trailing stop at 20-25pips will be a good idea.
Wait for current candle to break through and close on H4
So since Entering a SELL almost 2days ago we hit TP1 and now securing position 2 by bringing our Stop Loss into Stop Profit. this is now a risk free trade and we estimate only half way there. Either way...PROFIT HAS BEEN MADE AND ANYMORE IS A BONUS!
Hey traders, EU about to start a short bullish movement. Then I am seeing a bearish control until Weekly trend line. This week is critical for this par.
1st target(blue): 1.18470
2st target(red): 1 .19880
Then... Expected the minimum 250 pips down..