GBP/JPY Analysis for Week 30
DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Alright guys, so this week I saw my favorite pair break it's neatness and the smoothness of movement. Which can be expected after breaking its beautiful structure from last year and that ascending wedge. So lets take a look at it and see what happened this week and what we can expect from the coming week.
Daily:
Ok so we see that the price reacted to out fib levels drawn form last week. We broke through 23.6% and 38% and stopped right before the 50% retracement level. So this week we might wanna keep an eye on that 50% level. If it breaks or if it will reject and give us a reversal. There was a trap at the beginning of the week, as the price dropped sharply to the 140.013 level. But we had fundamental news come out with the North Korean missile launch and that drove the Japanese Yen down.
4hr:
On the 4hr chart we see a resistance area at the 50% fib retracement level around 143.075. Which was also where a few weeks ago the price touched the major ascending trendline. And if we also look at it we see a double top. So once again lets wait and see how it reacts to the 50% fib retracement level. But for now I still feel like it can be ripe for a good short. This pair moves with great structure, so lets see how it moves.
Alright guys, so this week I saw my favorite pair break it's neatness and the smoothness of movement. Which can be expected after breaking its beautiful structure from last year and that ascending wedge. So lets take a look at it and see what happened this week and what we can expect from the coming week.
Daily:
Ok so we see that the price reacted to out fib levels drawn form last week. We broke through 23.6% and 38% and stopped right before the 50% retracement level. So this week we might wanna keep an eye on that 50% level. If it breaks or if it will reject and give us a reversal. There was a trap at the beginning of the week, as the price dropped sharply to the 140.013 level. But we had fundamental news come out with the North Korean missile launch and that drove the Japanese Yen down.
4hr:
On the 4hr chart we see a resistance area at the 50% fib retracement level around 143.075. Which was also where a few weeks ago the price touched the major ascending trendline. And if we also look at it we see a double top. So once again lets wait and see how it reacts to the 50% fib retracement level. But for now I still feel like it can be ripe for a good short. This pair moves with great structure, so lets see how it moves.
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