GBPJPY

Technical Analysis



Currency Pair: GBPJPY Date: 01/04/2018

Sentiment: Bearish

Monthly
• Moving Averages crossed to the downside
• Price action showing a bullish structure
• Price found resistance at the weekly resistance level of 155.818
• P.A made a strong bearish engulfing candlestick in February, the process passing four month price action
Weekly
• Moving averages crossed to the downside
• Price action showing broken bullish structure with price reversing after finding resistance on the weekly level
• P.A showing three candlesticks all of with are showing long wicks at their high and all finding rejection on the monthly resistance level of 149.701
Daily
• Moving averages remain crossed to the upside
• Price action formed a bullish structure retracement to monthly level and subsequently drop with a strong bearish candle
• Bearish counter trendline drawn onto chart and price action on the daily closed left a bearish doji candstick
4 Hour [Execution Time Frame]
• Moving averages about to cross to the downside indicating possibility of a C.T.L break
• P.A showing a double top candlestick formation around the monthly resistance level
• Expecting price action to made a break followed by retest after break then short trades can be executed