Smokey the Bear may be showing up to put out the rally on GBPJPY.
As we look at the charts, We see a short retracement on a major move to the downside. We draw our current channel(RED) and identify previous support (BLUE).
We notice that The bulls are losing steam getting stuck around the 50% level on the Weekly Fibonacci, & The RSI is at a major 50% level during a downtrend.
Look at the Stochastic to show a turn in momentum before you enter on a 5m or 15m timeframe. Our watch level is the 61.8% weekly Fib.
------Yes 60 pip SL can be un comfortable, that's why we will wait for a signal on the lower time frame before entering. Price can easily test the (BLACK) Supply/Demand zone, before continuation to the downside.------
As we look at the charts, We see a short retracement on a major move to the downside. We draw our current channel(RED) and identify previous support (BLUE).
We notice that The bulls are losing steam getting stuck around the 50% level on the Weekly Fibonacci, & The RSI is at a major 50% level during a downtrend.
Look at the Stochastic to show a turn in momentum before you enter on a 5m or 15m timeframe. Our watch level is the 61.8% weekly Fib.
------Yes 60 pip SL can be un comfortable, that's why we will wait for a signal on the lower time frame before entering. Price can easily test the (BLACK) Supply/Demand zone, before continuation to the downside.------