GBPJPY
GBPJPY 9-13 August Trade plan
- Monthly structure still holding bullish structure with previous 2 months bearish close respecting 152.00 key level.
- Weekly continuing the bullish momentum after 23 July solid close. Still we are trading below 153.66 28 June resistance formed due to 17 May support at 154 key level. Weekly is showing potential for more ups side to retest the 153.66. A close above will indicate a new HH is formed and possible continuation to Yearly High at 155.70.
- Daily structure still bearish with LH/LL formation, trading below 1 July resistance formed at 153.56 due to the support formed on 14 May at 153.70. August 3 formed the first HL since 1 July at 151.67 bouncing from the daily zone at 151 key level. A close above 153.70 will give the opportunity to test the highs at 154.43 and 154.85. On the other side a close below 151.67 current daily support and resistance formation will confirm that bearish momentum still in play and testing the lows at 149.50 will be in play.
- 4H Structure is bullish with HH/HL formation. but currently at a very tough 4H range support at 153.42. A close above will give the opportunity to push to retest 153.70/80. Failing to hold above 152.57 and a resistance formation will possibly push to 152. A close below 152 will be a trigger for me to Short targeting 151.60/151.20
- News: mainly important ones are on Tuesday and Thursday.
