GBPJPY Intraday Sell Scenario
Updated
Last week GJ dumped ~220 pips reacting out of a key macro zone breaking structure and validating direction to the downside. The week ended with bullish volume driving price back into that key macro zone where we initially seen price react. Price returning to these key macro zones after its reacted to it previously presents new opportunities for positions to be taken. We received a strong bearish engulfing pattern, printing outside the zone on [4H] breaking a bit of structure as well. The bullish momentum coming back into the zone never broke bearish structure, prior to creating the engulfing pattern. We can take 50% of this candle and look for opportunities within 50-100%. If no key m15 signal prints then I will look to void the zone and reassess. *Note* Keeping in mind the [W] also continues to reach for new lows.
Note
As anticipated, GJ has reacted off our key Macro zone. Although it took a bit of time for this volume to kick in a drive price south, it maintained structure by not printing a solid candle outside our 4H. Will continue to follow and release updates along the way.
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