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GBPJPY: Another Pound pair forming a head & shoulders pattern at a strong level of resistance.
Waiting for a clean break and retest of the neckline before selling.
Initial targets at around 131.5 and long term targets at around 128.
I’ll be looking for a sell if we get a clean test of this previous support now resistance area at 1.006.
This area of horizontal resistance is also trendline resistance that was the market respected as support before eventually breaking support with bearish momentum.
Yesterday's daily candle closed after testing this area and being rejected adding to the...
Last week I mentioned how the market has been consolidating between this range at 1.339 and 1.35 (marked by the blue rectangles).
I still believe that long term there will be more upside on USDCAD.
If we see more of a retracement i’ll be looking for another buy at the support side of the range.
Again i’ll be closely monitoring this pair and enter only if...
The market has been consolidating between this range at 1.339 and 1.35 (marked by the blue rectangles)
Even though Fridays candle shows a strong rejection from the sellers at resistance, overall my bias is still very bullish.
Instead of looking to go long at the break of resistance (1.35) i’d rather wait for the support of the consolidation range to be tested...
