WHAT THE HELL IS GOING ON WITH GBP/JPY 2.0
Updated
Price recently concluded its Buy objective into a Weekly FVG. Immediately it conlcuded it printed a sell chart pattern (on M5 timeframe) whose catalyst candle closed within the 1H supply zone. so current price objective is a sell. Tp1 is nearest valid M5 Demand zone, Tp2 is nearest valid H1 demand zone (as highlighted)
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I got stopped out on my initial sell entry. Re-entry @ sell chart pattern (5M) formed within a valid 5M supply zone. Note that price triggered a valid 5M demand structure before printing this sell re-entry. Note that this is a false buy signal. Would share my reasons for this soon
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Following the theory that price moves from demand to supply or vice versa.....We see that price has broken a key/valid weekly supply zone, with the next valid supply close-by being the Daily Supply zone. On the Daily timeframe we also see price in a clear uptrend, so any sells would most likely be minor retracements into 1H/Daily Demand levels. So in summary, I see the next daily supply zone as the last bus-stop for the bull-run, before BOJ decides to really step-in. The Weekly FVGs are not supply zones, but are very strong resistance zones that price can use as a breather (to take profits) during its bull run. A complete reversal from the Weekly FVG is highly unlikely but not impossible.
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GJ Buy entry signal. TP1 & TP2 set
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BUY
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TP smashed on the Buy. Time to sell
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GJ Bull run isn't over yet. This sell-off would just be a correction into 1 hour demand zone, worst case scenario - a daily's resting liquidity
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I was wrong about the temporary sell-off happening now. After watching price reaction and deeper analysis, we shouldn't expect any temporary correction until after price taps into the weekly resting liquidity @214.736. We can expect a temporary correction after price interaction with this level, before price continues upward again into weekly supply.
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