GBP🇬🇧/ JPY🇯🇵 almost impenetrable support for the Dragon
Updated
Starting from graph 1W we see that the price has reached for the third time a level of strong support.
Scaling the timeframe for example to 1D shows that the contact points are many more (yellow darts).
However the price is on this level, so you can expect a new jump.
I highlighted on the graph the maximum of February 2018, you see however that it was not broken drastically.
However there is a bullish background for this pair, seeing the three most recent maxima if he also sees that the various movements have always marked a new maximum, even if technically the next HL has always been the same level of support.
After this preamble the time has come to look more closely at the situation in the updates of the idea.
Representation of a personal idea, is therefore not to be considered neither an investment suggestion nor a financial advice.
Scaling the timeframe for example to 1D shows that the contact points are many more (yellow darts).
However the price is on this level, so you can expect a new jump.
I highlighted on the graph the maximum of February 2018, you see however that it was not broken drastically.
However there is a bullish background for this pair, seeing the three most recent maxima if he also sees that the various movements have always marked a new maximum, even if technically the next HL has always been the same level of support.
After this preamble the time has come to look more closely at the situation in the updates of the idea.
Representation of a personal idea, is therefore not to be considered neither an investment suggestion nor a financial advice.
Note
Moving to graph 1D we see, as anticipated, that the points of contact to the support zone are many more. In the last 10 days moreover sees that the price has decidedly lost momentum, remaining in a medium range of 130 pips (extending however to the maximum in a range of 200).
Note
Moving to a graph of 8H you can see a sort of pattern "Head and Shoulders", famous reversal pattern. The second shoulder has already formed, an additional confirmation for the long entry could be the rupture of the "Neck line".
Note
As you can see the last 10 days were almost always within a consolidation area. A couple of movements broke this area, but having never created a retest and the fact that they immediately returned to that ranging zone can be considered "Fakeout".
Note
Price is still in the range but it can't brake the support.Note
Price leave the consolidation zone after 15gg -> expected great momentum.Note
Nice 400 pips move right now on this pair as expected.Note
At 1W chert is forming a really nice bullish candle.Note
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