GBPJPY Demand Area
Overall uptrend for quite a while, though it did just change from shallow to steep in one quick move recently.
Price is slowly making it's way back down to the area it ejected from before, and currently at the 50% fib level. Assuming it does not turn here to go back up, I would expect price to continue it's slow decent into the demand area below around the 167 level before turning back to the positive side.
I would think there are a lot of sellers waiting above the double top, so target that area for a likely positive outcome and then see where price reacts from there. The demand level looks strong enough to bring price right back up, but it may take a bit more interest at the upper levels to break through the resistance level, so not going big on target for these doubts, but things could change along the way.
Should price turn here, I would expect it to continue trend, but with end of the day coming soon, I think the slow decent is more likely to happen, because we may come back up, but volume will start going down, bringing price to a near halt. Then on the open of the day it can freely nudge back down into the limit order and all the other waiting buy orders I would expect should be there waiting with me.
Entry at 166.964, Risk is 73.5 pips (166.239), target is 492.5 (171.9)
Price is slowly making it's way back down to the area it ejected from before, and currently at the 50% fib level. Assuming it does not turn here to go back up, I would expect price to continue it's slow decent into the demand area below around the 167 level before turning back to the positive side.
I would think there are a lot of sellers waiting above the double top, so target that area for a likely positive outcome and then see where price reacts from there. The demand level looks strong enough to bring price right back up, but it may take a bit more interest at the upper levels to break through the resistance level, so not going big on target for these doubts, but things could change along the way.
Should price turn here, I would expect it to continue trend, but with end of the day coming soon, I think the slow decent is more likely to happen, because we may come back up, but volume will start going down, bringing price to a near halt. Then on the open of the day it can freely nudge back down into the limit order and all the other waiting buy orders I would expect should be there waiting with me.
Entry at 166.964, Risk is 73.5 pips (166.239), target is 492.5 (171.9)
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