GBPJPY Week of 13 Sept 2021

Monthly:

Was on a steady uptrend but have been consolidating in the last couple of months. Last few months was a bearish pullback off the large bullish we had earlier on.

So far this month, we've yet to create a monthly bottom wick. We have a minor monthly support at 150.80 and have so far been holding above it.

Weekly:

We see lower highs and lower lows. Last week closed with a red doji respecting the bearish trend line. This suggest that coming week is more likely bearish than bullish.

Daily:

Last few daily candles have been side by side. The most immediate previous daily candle tried pushing up but was rejected back down.

However, there are a couple of things we should note. We did have a recent double bottom on daily. The current immediate trend is bullish on daily.

All these are signs that GJ is trying to reverse the larger trend, since we didn't create a new lower low. And that we are trying to create a higher high. And that the previous daily rejection might be invalidating this.

If we have a daily candle closing below 151.5. It would be a better confirmation invalidating the bullish signs I mentioned.

Take-away:

All said, I'll be heading into the week with a bearish bias. Note also that there are some economic news on Tue & Wed that could create fundamental shift.