GBP/JPY 13/09/16 ONWARDS 1D CHART / PLEASE READ ANALYSIS
Updated
Please bare with the clutter on this chart I just have a few ideas floating about for a Bullish move.
Last week I felt that price has reached the 1D resistance trend line and needed a retrace (0.618%) before pushing higher. I now feel that 0.5% is the level that price will bounce from.
TECHNICAL REASONS:
- We have 2 MA's about to cross since BREXIT (20/50)
- 13/09 1D candle has tested both MA(20/50) as new support since crossing (Will close as hammer reversal candle).
- FIB 0.5% has been tested and found support
- ABCD Pattern forming in ascending channel (Not ideal 61.8/1.618)
FUNDAMENTAL REASONS:
-The fear of BREXIT is growing thinner
- (Personal opinion/would like other views on this) The UK data may have be worse than forecast today (13/09) but overall the majority of numbers are as strong as the previous month and still higher than most figures within the last 6months - 2years
I will be taking a long position and hopefully hold it to the 143 level. A bullish candle tomorrow (14/09) would strengthen this area as a potential swing point for bullish move to resistance (143.00)
Last week I felt that price has reached the 1D resistance trend line and needed a retrace (0.618%) before pushing higher. I now feel that 0.5% is the level that price will bounce from.
TECHNICAL REASONS:
- We have 2 MA's about to cross since BREXIT (20/50)
- 13/09 1D candle has tested both MA(20/50) as new support since crossing (Will close as hammer reversal candle).
- FIB 0.5% has been tested and found support
- ABCD Pattern forming in ascending channel (Not ideal 61.8/1.618)
FUNDAMENTAL REASONS:
-The fear of BREXIT is growing thinner
- (Personal opinion/would like other views on this) The UK data may have be worse than forecast today (13/09) but overall the majority of numbers are as strong as the previous month and still higher than most figures within the last 6months - 2years
I will be taking a long position and hopefully hold it to the 143 level. A bullish candle tomorrow (14/09) would strengthen this area as a potential swing point for bullish move to resistance (143.00)
Note
Bullish despite bearish move from UK Average Earning data. Bull candle close will create entry for C-D pattern move.
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