GBP/JPY
could not quite reach the previous high at 148.09 and bounced off from 147.76
after forming a pair of shooting star candlesticks as well as a spinning top
candlestick on the daily time-frame at that level. More importantly, the pair
has also formed a hanging man candlestick on the weekly time-frame, also at
that level, without quite reaching the (MA)89 indicator on the same time-frame.
Considering that particular candlestick, a further move to the downside is very
likely. Should that occur the closest target to the downside is at 145.25,
which is the previous low. A breakout below that level could lead to a further
drop towards the support at 143. 00, which coincides with the (MA)89 indicator
on the daily time-frame.
Let's see whether it will break out below 145.25.
ReplyDeleteGreat assessment as usual!
ReplyDeleteVery useful analysis.
ReplyDelete