Whats Up! Mr. Pipzz back here with another analysis
These are my thoughts for GBPJPY this week.
I can see the market pulling into either direction. So, I've identified a few key targets for both the bulls and the bears. Not going to over explain, I'm just getting straight to the point. This week started off extremely bearish following a pullback to a small, but nice liquidity zone. Last weeks close has already been filled, so I'm not seeing any bullish confluence for that. If price does manage to close above 139.75, I predict sniper entries from the 15m, & 30m indicating a push back to the upside.
On the other hand, because the trend has been bearish its safe to follow simple rules like following the trend. If break of bearish structure occurs, it would be easy to spot because of the amount of pips it has already dropped. Overall I think we could see a push back to the lower liquidity zone to either test and break, or form a triple bottom. (137.15)
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