I analyzed GBPJPY from the Daily Time-frame. I noticed a pattern was being formed, which indicated Bearish longer term movements. I predict that before those movements occur, price will pullback into my marked gravitation zone. Which isn't far from the key 61% Fibonacci Level. Price is also currently testing a Daily Pivot Point Level. With two failed attempts already, another attempt may just give in to upward movements. If prediction goes as planned, I will wait for movements towards the 61% & 78% Fibonacci. If price doesn't close above the 78% Fibonacci, the buyers may be gassed out. I will then look for a short opportunity when it presents itself.
Thank you for reading. I'm going to keep dropping Analysis gems every week.
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Thank you for reading. I'm going to keep dropping Analysis gems every week.
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Comment your trade ideas below
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.