British Pound / Japanese YenUpdated GBP/JPY For the Week Analysis
Conclusion – could retest the daily resistance and continue bullish or the daily resistance turn support and hence bearish.
Op1- First candle of the week could be bullish to fill the previous long wick (D). Also the 4H candle closed bullish with short upper wick and medium lower wick.
Op2 – continue d.wards as the prev D candle closed below the D resistance level.
Breakdown:
Monthly
- It is testing an important area.
- It has tested the previous high but got rejected.
- Could turn bearish this month as there is no lower wick.
Weekly
- Closed bearish at the previous resistance.
- Op 1 - It could become the support for an uptrend.
- Op 2 - it could respect the resistance and continue downtrend. (the previous is then just a fakeout.
Daily
- Closed below the daily resistance.
- Long upper wick. Could be a continue d.trend or come back up to retest the resistance.
4hr
- Closed bullish
- Op 1 - Could go back up test the resistance – entry if candle closes above daily resistance (yellow line)
- Op 2 – price could go down to test the previous price (133.788). entry for short if the candle closes bearish below the previous price. Entry should be after the bearish candle formed.
1Hr
- Price tested the previous high and went back down (long upper wick) but the price still closed bullish.
- Op 1 – could be a retracement – it might go down to test the previous low (tp1: 134.037), (tp2: 133.820)
- Op2 – if the price went back up ad closes the above the previous high (134.711). entry for long – tp at daily resistance (134.910) – a quick scalp
30m
- Closed bullish but long upper wick
- Might continue bearish
15m
- Closed bearish
Op1- First candle of the week could be bullish to fill the previous long wick (D). Also the 4H candle closed bullish with short upper wick and medium lower wick.
Op2 – continue d.wards as the prev D candle closed below the D resistance level.
Breakdown:
Monthly
- It is testing an important area.
- It has tested the previous high but got rejected.
- Could turn bearish this month as there is no lower wick.
Weekly
- Closed bearish at the previous resistance.
- Op 1 - It could become the support for an uptrend.
- Op 2 - it could respect the resistance and continue downtrend. (the previous is then just a fakeout.
Daily
- Closed below the daily resistance.
- Long upper wick. Could be a continue d.trend or come back up to retest the resistance.
4hr
- Closed bullish
- Op 1 - Could go back up test the resistance – entry if candle closes above daily resistance (yellow line)
- Op 2 – price could go down to test the previous price (133.788). entry for short if the candle closes bearish below the previous price. Entry should be after the bearish candle formed.
1Hr
- Price tested the previous high and went back down (long upper wick) but the price still closed bullish.
- Op 1 – could be a retracement – it might go down to test the previous low (tp1: 134.037), (tp2: 133.820)
- Op2 – if the price went back up ad closes the above the previous high (134.711). entry for long – tp at daily resistance (134.910) – a quick scalp
30m
- Closed bullish but long upper wick
- Might continue bearish
15m
- Closed bearish
Trade closed: target reached
Update- - Tested the daily resistance
Under the 4Hr > first the second option took place followed by the first option (success) but only entered for like 10 pips as I was not able to find a confident entry. Nevertheles, profited.
Under the 1Hr > Both the options happened. Entered and took tp as per analysis.
Looking forward for Tuesday. Good luck :)
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Disclaimer
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.