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
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.