I've currently got a GBP/JPY setup looking to jump in on a long position if I see price break and close above the weekly resistance level 148.000. ABCD pattern could complete at the 141% fib extension level for its D completion. RSI is extremely over brought so we could see a retracement before it continues to rally up to the 141 ext.
For the up and coming week (starting 06/03/17) this is one of my pairs which is on my watchlist. I will be looking for price to either come down to daily support and test the 0.74981 zone or around the 50% fib retracement then a potential pullback of bullish evidence to the upside for the market to head up towards the daily resistant level of 0.77263.
On the aussie dolla pair a double bottom has just been validated so now Im looking for price to past the midpoint of the double bottom pattern (0.76923) and then see if we can get a 61.8 fib retrace to the upside. Plus there is also bullish divergence confirmed on the RSI but the structures midpoint has to be broken and get a retracement in order for me to enter long.
Just some quick analysis on the ninja pair. Possible opportunity to go long as price hit previous levels of support testing the 115.025 area twice after retesting an area of interest in December. I could get in on this trade or just sit back and see if my analysis was correct. What do you guys think? I'm still quite new to forex and only starting to understand ...