Right now the price is holding above that 79.500 daily support line. Looking for a retracement back to 79.500. From there will go up to hit the first daily resistance and break it to hit TP (second resistance).
USD/JPY has gotten rejected for a 3rd time of 10.800. Each time it hits that level, it creates a Lower Low. TP 2 could easily get hit if it follows the wave patterns.
Why I created the analysis
1: It broke the bullish structure and when it does it hits a lower low
2: RSI is on 1hr and 4 hr are below the 50.00 level but above on D,W,M but MACD on those higher time...
Currently GBP/USD has been following a wave pattern. This could be a potential break of the structure. This is going to go either 2 ways. Number 1: It could continue on a downtrend and go down in waves to where the initial waves started around 1.37751, OR it could possibly go for a fourth rejection to about 1.39915 to the top of the initial wave.
Let me know what...
