GBP/JPY is at a price that it hasn't seen since July 25th. For this reason, I believe we are going to see some rejection from this level. It has already begun, but I'm looking at the blue lines for further downside targets. We also have confluence with the break of the trendline.
Weekly:
2D: Hanging man followed by bearish engulfing candle
Daily: doji, dragonfly doji, dragonfly doji, bearish engulfing
12H: rejection of 200EMA
8H:
• multiple wick rejections of the zone
• Hanging man, bearish engulfing candle plus confirmation candle - currently rejecting trendline
4H:
• Triple top off of the zone
• Doji showing indecision right on the trendline and then we have a break
2H:
1H: Enter trade on break and rejection of 1H 200 EMA
Weekly:
2D: Hanging man followed by bearish engulfing candle
Daily: doji, dragonfly doji, dragonfly doji, bearish engulfing
12H: rejection of 200EMA
8H:
• multiple wick rejections of the zone
• Hanging man, bearish engulfing candle plus confirmation candle - currently rejecting trendline
4H:
• Triple top off of the zone
• Doji showing indecision right on the trendline and then we have a break
2H:
1H: Enter trade on break and rejection of 1H 200 EMA
Note
first target hit. 10 days - 250 pipsNote
second target hit. 16 days ~ 400 pipsNote
Trailing stops would've exited us out at TP1 for about 250 pips
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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.