I posted about GBPJPY last Friday.
Basically I was telling this pair is at the key Support level, and the price may be in danger to drop from Weekly Ichimoku.
The price continued to fall, and the candle is under the Weekly Cloud !!
But wait, it is still hanging on at the cliff.
Here is the Daily chart I posted last Friday.
(Last Friday Chart)
And here is Today’s chart.
Yes, the price is still hanging in at Support2!
So what now?
If the price broke this support level, and simply sell from the retest of this support (180.30 ish).
If, on the other hand, you want to buy this pair, then I would suggest the following trigger.
I would use Hourly chart, and wait for the break of 21EMA, then wait for Higher Low, to buy this pair.
Hope this setup helps you analyze the Beast.
YJ Baik – Forex.Today @ Tokyo