GBPJPY
Bias: BULLISH
Here's why,
- 4H TF Double Top forming @ 162.650
- I predict price will pull back from 162.650 to 161.390, which is 50% FIBS level
- Once price hits 161.390 and pulls back, we will have an inverted head shoulder pattern on the 4H and 1H TF confirming bullish movement to upside
- After the retest of 161.390, my bias is bullish to DS level at 163.700
- If price doesn't pull back to 50% FIBS level, I would like price to break 162.650, then retest and continue to DS @ 163.700
I am not a trading GURU. Just my analysis!
Feedback is greatly appreciated!
Happy Trading!
Here's why,
- 4H TF Double Top forming @ 162.650
- I predict price will pull back from 162.650 to 161.390, which is 50% FIBS level
- Once price hits 161.390 and pulls back, we will have an inverted head shoulder pattern on the 4H and 1H TF confirming bullish movement to upside
- After the retest of 161.390, my bias is bullish to DS level at 163.700
- If price doesn't pull back to 50% FIBS level, I would like price to break 162.650, then retest and continue to DS @ 163.700
I am not a trading GURU. Just my analysis!
Feedback is greatly appreciated!
Happy Trading!
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.