GBPJPY - HERE COME THE BEARS? 140.000 TARGET
Good evening from the the UK now what do we have here? I have a pink downside channel which determined to myself that we are with a downtrend. From this we can clearly see that we have have two touches of the upper trendily for a potential swing back to the downside. A weekly resistance which support eventually broke on the 4th December now become a very strong ceiling (weekly resistance) which the pair reacted off very nicely along side its trend line bounce. Two great indications of the sterling needed a lot of momentum to break through to the upside which with Brexit looming next month can see it happening.
Now looking into the future using technicals I have a purple daily rectangle support which price this week has been resting onto of. Being a daily resistance it will not hold much more pressure from the sellers in the market. Looming we have a counter trend line within the downside channel, looking for its 3rd touch. If we see a break, retest of the countertrend line get ready for a bearish leg to my next monthly key level being a significant monthly key level at 139.750. Stacking up our confluences for the perfect bias, we also have began to see Price action ride in between the moving averages compared to riding above them if the now ended bullish leg. we could also wait for a closure underneath our red simple moving average followed by a MA crosser over leading for me to sell this pair.
Fundamentally going into the start of the week on Monday we may have strong liquidity and manipulation in the market due to GBP GDP figures being released with the consensus being negative for the Pound. Have a great week trading. I will be monitoring this trades outcome on my Instagram story @travis_duncz.
Now looking into the future using technicals I have a purple daily rectangle support which price this week has been resting onto of. Being a daily resistance it will not hold much more pressure from the sellers in the market. Looming we have a counter trend line within the downside channel, looking for its 3rd touch. If we see a break, retest of the countertrend line get ready for a bearish leg to my next monthly key level being a significant monthly key level at 139.750. Stacking up our confluences for the perfect bias, we also have began to see Price action ride in between the moving averages compared to riding above them if the now ended bullish leg. we could also wait for a closure underneath our red simple moving average followed by a MA crosser over leading for me to sell this pair.
Fundamentally going into the start of the week on Monday we may have strong liquidity and manipulation in the market due to GBP GDP figures being released with the consensus being negative for the Pound. Have a great week trading. I will be monitoring this trades outcome on my Instagram story @travis_duncz.