Hello everyone and happy weekend.
After an extremely bullish week the pound continues to push against the yen creating a powerful uptrend. Although now we have reached an extremely important resistance at the Daily timeframe. Price mostly bounced bearish at this price level which is why I bet it will mimic again, ( Or in the very least a retraction of 100-200 pips) . We all know GJ is volatile in price movements so we can expect to see some wicked movements. Notice the blue eclipses in the analysis where price was constantly pushed bearish... This could be the time for a nice gap fill due to the imbalances created by a very bullish pound week.
Remember what goes up comes down and vice versa, it's simply physics.
RISK TO REWARD ON TRADE
1:10 ;)
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This is my personal opinion and should not be taken as financial advice*.
After an extremely bullish week the pound continues to push against the yen creating a powerful uptrend. Although now we have reached an extremely important resistance at the Daily timeframe. Price mostly bounced bearish at this price level which is why I bet it will mimic again, ( Or in the very least a retraction of 100-200 pips) . We all know GJ is volatile in price movements so we can expect to see some wicked movements. Notice the blue eclipses in the analysis where price was constantly pushed bearish... This could be the time for a nice gap fill due to the imbalances created by a very bullish pound week.
Remember what goes up comes down and vice versa, it's simply physics.
RISK TO REWARD ON TRADE
1:10 ;)
=======================================
This is my personal opinion and should not be taken as financial advice*.