GBPJPY pair was up yesterday, until NY hours, when the price started to come down.
It is still in the middle of big down trend, at Fib50%. That’s how Bears would look at.
However, the price has made higher highs and higher lows. So Bulls may want to continue buying.
Myself? I started to be Bull, getting close to the next BOJ Policy Meeting.
So let’s look for Long opportunity.
Looking at H4 Stochastic, the price may want to come down a little more.
As always, the suggested buy zones are as below –
Since I think the price may come down a bit more, I think it is safe to omit the current Role-Reversal support (184.50) from buy zones.
So what’s left is (as always), from Fib38.2 – 61.8%. Please pay attention that there is WPP at Fib50%, and MPP at Fib61.8%.
For Day trades, and Bears,
Here is the short term Sell opportunity.
Hourly chart just started to show Lower highs and Lower lows. Also it just broke the support of 184.80.
Thus you can expect to sell from the retest of 184.80.
It would be safe to exit this short around WPP & MPP area (183.30 – 183.70).
YJ Baik – Forex.Today @ Tokyo