GBPJPY, 23.04.13, Asian Session
Bears made their presence felt yesterday with price breaking below 166 and hitting 165.40. Bulls marked the close slightly above previous day's close at 166.20. This leads us to a continued series of white candles with higher highs and higher lows.
This morning, we are seeing bulls trying to control 166.00 level again and is currently forming somewhat of a bullish triangle pattern. Bullish traders can hold on to this pattern formation for their trades.
Fundamental roadblocks ahead for bullish trades are UK's GDP Data at 2pm (GMT+8) as well as US's PPI and Unemployment at 830am (GMT+8). These events, with expectations lower than previous releases may hamper bullish moves.
Personally, I prefer buying at the low side of a trading day's session. My immediate bias is bearish for the price to drop down so I won't hesitate taking a short trade when the setup forms. My main bias is to go long if the price has drop to down to acceptable levels with a nice 1 to 2-hour compression.
This morning, we are seeing bulls trying to control 166.00 level again and is currently forming somewhat of a bullish triangle pattern. Bullish traders can hold on to this pattern formation for their trades.
Fundamental roadblocks ahead for bullish trades are UK's GDP Data at 2pm (GMT+8) as well as US's PPI and Unemployment at 830am (GMT+8). These events, with expectations lower than previous releases may hamper bullish moves.
Personally, I prefer buying at the low side of a trading day's session. My immediate bias is bearish for the price to drop down so I won't hesitate taking a short trade when the setup forms. My main bias is to go long if the price has drop to down to acceptable levels with a nice 1 to 2-hour compression.
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