GBPJPY Sellers maintain 1M, Weekly, Daily, & 4H timeframes
Updated
GBPJPY the sellers still maintain the overall downward momentum. As of right now price broken our daily support now resistance (135.11) and our H4 support level (135.2586). Price has also has reached our Weekly midrange support (135.00).
What would happen now? Well because we have reached our weekly midrange support (135.00) we are anticipating a retracement. That's why we pulled out our Fibonacci tool to measure our potential pullback.
Our fibs is drawn of the H2 time frame were price is refined and we finally got a solid support point. Now to draw our Fibonacci, starting from point A (135.814) to point B (134.961). If we look closely we can see
where we get a perfect confluence. Our 38.2% level aligns perfectly with our H4 resistance level (135.286). With that in mind we are expecting a retracement to this level which we will be looking for selling opportunities.
Four our targets we looking at (134.731) and (134.435).
What would happen now? Well because we have reached our weekly midrange support (135.00) we are anticipating a retracement. That's why we pulled out our Fibonacci tool to measure our potential pullback.
Our fibs is drawn of the H2 time frame were price is refined and we finally got a solid support point. Now to draw our Fibonacci, starting from point A (135.814) to point B (134.961). If we look closely we can see
where we get a perfect confluence. Our 38.2% level aligns perfectly with our H4 resistance level (135.286). With that in mind we are expecting a retracement to this level which we will be looking for selling opportunities.
Four our targets we looking at (134.731) and (134.435).
Trade closed: target reached
38.2% touched/rejection, both targets reached
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