GBPJPY Top Down analysis
On the Monthly, Overall bearish from last month but now coming to a whole level of 136. looks like a key level of S/R.
on Weekly, Over sold with Stochastic (blue circle) starting to crossover and to start to head back up along with the
Daily, Daily has been over sold quite some time on the stochastic indicator, following trend down side from recent over bought on daily Stochastic(red Circle) breaking whole level of 144. a good support level for a couple of months now, had a small retest on a 1 hr time frame of that 144. to the downside falling 1000 pips.
come down to the 4hr you can see that minor levels of S/R within the down trend, after breaking 144. we can follow daily stochastic as it crosses and drops to the downside (May 3rd).
hitting a few fibs along the way if you were to test them on the chart (4hr). one main Fib hit right on 61.8% from high of 143.15 to low of 139.50, had a retracement to 141.80.
which ended up hitting targets -27% and -61.8%.
Buy side can come in as we can see daily support level 136. looking to see a reverse pattern or candles to set this the other way along with a break of trend/ retest to make sure were making those higher highs to get entered in on this trade along with our weekly/ daily stochastic oversold currently coming to make that retrace up from that recent fall down in the last month.
on Weekly, Over sold with Stochastic (blue circle) starting to crossover and to start to head back up along with the
Daily, Daily has been over sold quite some time on the stochastic indicator, following trend down side from recent over bought on daily Stochastic(red Circle) breaking whole level of 144. a good support level for a couple of months now, had a small retest on a 1 hr time frame of that 144. to the downside falling 1000 pips.
come down to the 4hr you can see that minor levels of S/R within the down trend, after breaking 144. we can follow daily stochastic as it crosses and drops to the downside (May 3rd).
hitting a few fibs along the way if you were to test them on the chart (4hr). one main Fib hit right on 61.8% from high of 143.15 to low of 139.50, had a retracement to 141.80.
which ended up hitting targets -27% and -61.8%.
Buy side can come in as we can see daily support level 136. looking to see a reverse pattern or candles to set this the other way along with a break of trend/ retest to make sure were making those higher highs to get entered in on this trade along with our weekly/ daily stochastic oversold currently coming to make that retrace up from that recent fall down in the last month.
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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.