Original analysis didnt play out, we have seen a deeper retracement into the 78.6 fib level and a structure zone, expect a push higher on this, just be wary its a fridy and this couod be a possible swing.
This pair recently broke out of former resistance level with a very bullish rally, signalled by the GBP strength yesterday and the USD weakness, this has confirmed a breakout of the consolidation of the pair and I am looking to get long upon a retracement into a confluence zone (50 or 61.8 fib level)
We can see we have created a double top, but what also looks like a head an shoulders formation, although it is not the cleanest if we can break this neckline then it will confirm this head and shoulders pattern. However I will only be looking at taking shorts upon a confirmed lower low then on the retracement of a lower high.
As we can see we are in a downtrend, however at the moment we are in a corrective phase of it, creating this rising wedge with a confluence of the 61.8 fib if we can reach the intersection of both trendlines this would be an optimum place for shorts and price would definitely react to this level even if it is not in our favour.
As we can see, we are in a bullish trend, forming this falling wedge pattern which signals just a bullish correction, we also have this ascending trendline and a fib level which I believe would be the optimum zone for longs if price played out this way.
As we can see price has broken out o this former resistance zone, creating a higher high, i would be looking to go long on this pair if we can get a retracement back down into this previous resistance zone and test it as support.
As we can see price has now confirmed this lower low, but is it just the markets trying to manipulate us retail traders to fulfil our stops? We need to wait to see how price develops on the 4Hour chart, any wick closes will signal the orders have been met and it is valid to enter a short.
We can see price previously made a lower low, i am looking to go short upon a lower high, however i need a confirmation candlestick to confirm my short entry. A wick to the 50EMA then rejection down to the 61.8 could look likely...
As we can see, price has broken out of this ascending trendline, creating a lower high and a lower low, I have set a sell limit at 0.71308 as this is an area of interest, with the 50 fib level, structure level and 50 EMA all in alignment.
As I spoke about we have broken out of this descending trendline, creating a higher high, we can now see this flag pattern which price is respecting at the minute, once we have a breakout of this I will look for an aggressive entry to go long.
Price has broken out of this falling wedge formation on the daily timeframe (bullish pattern) now on the 4H we can see a retracement into a very interesting area, (50EMA, 38.2 fib level and structure zone) if we can get this nice bullish candlestick i will go long.
We are in a prime area for longs here, we can see that price broke out of this descending trendline, to the upside, creating a higher high, we have now retraced to the 50Fib level, the 50EMA and testing the trendline as support, these are big levels to break, therefore if we get a nice 4Hour close I will definitely buy this pair.
Here we have GBPJPY on the daily timeframe, a nice breakout of this longer term ascending trendline, creating a lower low, we also have a little correction happening where price is now interacting with the 50 fib level, If we can get a breakout of this short term ascending trendline I would look to short this pair.