Reverse H&S and Break-retest of Daily trendline
Retest of support turned resistance 38.2% retracement ABCD Completion at 1.272 / 4H support
We initiate sell positions upon break of the upward trendline within the bullish channel and enter other short positions upon break of the potential neckline of the Head & Shoulders
GBPJPY showed a lot of text book technical analysis in play.
Bullish Bat Pattern completion with Reverse Head & Shoulders Pattern Completion on Bat Pattern's D Point. Price already broke above 50EMA and we enter positions upon break above 100EMA.
Classic Rounding Bottom Pattern. EMAs indicate continuation of this bullish trend
Bullish Bat Pattern nearing Completion. Point D sits at the 61.8% retracement. Volume is starting to decline as prices move downward indicating that bulls might enter at any moment. Notice as well that right below the D point is Monthly and Weekly resistance (broken line) levels. We also have RSI showing bullish convergence signal.
Bearish Flag to retest support turned resistance levels. Notice that volume is decreasing as price rallies higher. Also, you can see that there was a stop hunt as indicated by the yellow oval to shake out retail traders. 1 to 1 target sits nicely within our 4H chart profit taking levels. See my 4H chart analysis to see where we are on a bigger picture.
This pair has recently formed a bearish flag right at 50% retracement and at Daily Resistance level which has numerous price activity around said level. Also notice that price is at the Bottom Cloud foreboding a breakout any moment. Volume is also decreasing as price rallies higher indicating that this is not a legitimate bullish move. Stochastics also...