GBP/JPY finally broke above it's previous high with a strong bullish candle. the setup looks good for a long trade. the last two previous impulse moves all retraced to the 50% FIB. this swing should retrace to the 50%FIB then continue up to a weekly resistance. I like this setup because there is a small bounce off the 50 and 100 MA and a break of a weekly high. I...
Price hit weekly resistance line and gave us a pin bar reversal. Also that candle gave us a new high which we hadn't seen in awhile, but wasn't strong enough to even touch the resistance line. If price goes below 172.50 then the bears will still have control and will push it to about 170.80.
Please feel free to ask any questions or leave me constructive criticism.
There is a monthly resistance line at 1.7000. This line is still holding but will break soon. Price has moved way past the 50 MA and created a new high. We got a double top Friday of last week and yesterday we couldn't make a new high. Also today we got a large bearish engulfing. Price should continue down till the 50%FIb. Short at 1.6900, stop loss at 1.70450 and...
There is a monthly resistance line at 1.7000. This line is still holding but will break soon. Price has moved way past the 50 MA and created a new high. We got a double top Friday of last week and yesterday we couldn't make a new high. Also today we got a large bearish engulfing. Price should continue down till the 50%FIb. Short at 1.6900, stop loss at 1.70450 and...
