Here we see GBPJPY on the 4 hour chart. we're currently in a bearish market as lower lows and lower highs are being created.
The current price is at a key aread or resistance but also sat in a fresh level of supply.
I would like to see a break of this resistance which is marked around 134.000, this would bring in the Retail Buyers before we see smart money manipulation move the price back down thus taking out the Retail Buyers.
Lastly i would expect a small retracement to the key 134.000 areawhich will take out all the Retail Sellers who sold off the rejection of the resistance before the big move down to the fresh Demand Zone.
my end goal is around the 131.400 as a conservative figure but only time will tell.
Note - these are my views on how i would like the market to play out, this is not to be taken and a signal/financial advice.
The current price is at a key aread or resistance but also sat in a fresh level of supply.
I would like to see a break of this resistance which is marked around 134.000, this would bring in the Retail Buyers before we see smart money manipulation move the price back down thus taking out the Retail Buyers.
Lastly i would expect a small retracement to the key 134.000 areawhich will take out all the Retail Sellers who sold off the rejection of the resistance before the big move down to the fresh Demand Zone.
my end goal is around the 131.400 as a conservative figure but only time will tell.
Note - these are my views on how i would like the market to play out, this is not to be taken and a signal/financial advice.