GBPJPY BEARS NOT READY! UPSIDE MOMENTUM
Good evening from the UK. From the end of last week bears were in the market however price ranged well going into the new week. We had a consolidation zone in between 141.888 and 142.500 and if had a break either side it would lead to further momentum.
On the H4 timeframe I have a downside channel with a 4 trendily touch with exhaustion from the 3 bearish legs coming to an end will the bulls creating a break/retest which is where we are currently. With the torquiest blue key level above the consolidation zone also acting as a new floor (support level) this along side a fibonacci re-tracement gives me a bullish bias. If we continue to close above the fib ranges D1 fib extension react with a purple daily key level at 143.6/700 with a weekly descending trendily also acting as a initial zone to act as the next major area of resistance & target zone.
On the H4 timeframe I have a downside channel with a 4 trendily touch with exhaustion from the 3 bearish legs coming to an end will the bulls creating a break/retest which is where we are currently. With the torquiest blue key level above the consolidation zone also acting as a new floor (support level) this along side a fibonacci re-tracement gives me a bullish bias. If we continue to close above the fib ranges D1 fib extension react with a purple daily key level at 143.6/700 with a weekly descending trendily also acting as a initial zone to act as the next major area of resistance & target zone.