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GBP/JPY with an opportunity for a short position after a price action signal on H4

GBPJPY Zoomed

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GBPJPY Standard

GBP / JPY our expectations: Downward main trend, correction to multiple resistance - opportunity for short positions with stop 132,68

Alternative scenario: Rising and holding price above the local top will signal the end of a downward movement and the beginning of a new, upward trend. This scenario will also confirm the double bottom, with the price being right on the formation line.

Comment: Downward trend, correction to multiple horizontal and diagonal resistances. At this level is also 50% Fibonacci, which makes it even more significant. According to the textbook, 50% is the zone of the healthiest correction, where the highest percentage of price action signals and models are executed. Formation of a Japanese candle formation - tweezers at levels of multiple resistance - the price broke the local minimum and aimed downwards - a negative signal for the couple. For more accurate input, we wait for the CCI 50 indicator to break level 100 down, signaling the end of the correction.

Stop: 132.68


 Trader Aleksandar Kumanov

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