Daily pivots:
R3 150,76
R2 150,26
R1 149,77
CP 149,3
S1 148,81
S2 148,34
S3 147,85
I think a long to CP
R3 150,76
R2 150,26
R1 149,77
CP 149,3
S1 148,81
S2 148,34
S3 147,85
I think a long to CP
Dragon Riders GBP/JPY
- #28,273
- Mar 4, 2018 3:12pm Mar 4, 2018 3:12pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
Here's a top-down technical analysis on GBPJPY.
On the weekly time frame, price action has been consolidating in an ascending pattern between an ascending trendline (red) from the low of January 2012 and another (navy) from the low of October 2016. Last week, price action broke below the support trendline (navy) and met a barrier at the horizontal support in the 144.810 area. Traders who include wave theory in their analyses are likely to see further southward impulsive wave. The technicals on the weekly time frame are synced in favour of bears and we may see them target the horizontal support around the 138.950 area.
On the H4 time frame, price action since late February 2018 has been primarily bearish and the order flow context has been much in favour of bears. A resistance trendline (magenta) is very much at play. However, bulls attempted to take price action northward in the latter part of last week Friday; by the early part of this week, they may push for a retracement to retest the trendline or the immediate minor horizontal resistance zone around 146.39/147.370. Such a move is much likely to be corrective. But it is important to remember that there is still a support trendline (navy) below, which was seen on the weekly time frame. Therefore, we may not see a sustained southward momentum until this support trendline is broken down by price action on a daily closing basis. A breakdown of the support trendline on a four-hourly closing basis is likely to require a retest before we can have confidence in a sustained southward momentum.
I may be wrong. Trade safe and prosper.
KP
On the weekly time frame, price action has been consolidating in an ascending pattern between an ascending trendline (red) from the low of January 2012 and another (navy) from the low of October 2016. Last week, price action broke below the support trendline (navy) and met a barrier at the horizontal support in the 144.810 area. Traders who include wave theory in their analyses are likely to see further southward impulsive wave. The technicals on the weekly time frame are synced in favour of bears and we may see them target the horizontal support around the 138.950 area.
On the H4 time frame, price action since late February 2018 has been primarily bearish and the order flow context has been much in favour of bears. A resistance trendline (magenta) is very much at play. However, bulls attempted to take price action northward in the latter part of last week Friday; by the early part of this week, they may push for a retracement to retest the trendline or the immediate minor horizontal resistance zone around 146.39/147.370. Such a move is much likely to be corrective. But it is important to remember that there is still a support trendline (navy) below, which was seen on the weekly time frame. Therefore, we may not see a sustained southward momentum until this support trendline is broken down by price action on a daily closing basis. A breakdown of the support trendline on a four-hourly closing basis is likely to require a retest before we can have confidence in a sustained southward momentum.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
