GJ GBPJPY
Updated
Ladies and gentlemen, seeing a pretty ugly double bottom HTF with an obvious rejection of super HTF resistance around 168 and 160.50. The correction to the downside is something I've never seen before but if we examine structure was broken at 157 in March to the upside and printed a new HH at 165 a few months later in April. Price dropped to find support at 158 and took another run at 165 but couldn't get it done. Price double topped and the bulls were dizzy ladies and gentlemen haha. Obviously they booted and got every family member they could cause the last weekly candle stood taller than the last 9 weeks. That's a healthy candle with little exhaustion but will this run penetrate resistance and bull up to 168? Doesn't have to do it now because it could pullback to 163 LTF, even 160 to grab the rest of the gang. Happy Trading!
Note
Japanese analysts might call the Weekly indecision a HIGH WAVE Reversal= wide price + long shadows/wycks
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