GBPJPY Local S/R| .618 Fibonacci| Swing High| Low volume|PA
Evening Traders,
Today’s analysis – GBPJPY- trading under Local S/R with bearish price action, further downside probable,
Points to consider,
- Price action impulse
- Local S/R Resistance
- .618 Fibonacci & 200 EMA confluence
- Low volume
GBPJPY’s immediate price action is trading under Local S/R, therefore any rallies are considered bearish retests.
Local S/R Resistance is in confluence with the .618 Fibonacci and 200 EMA, adding probability to a bearish retest.
Lower Local S/R is projected target, price breaking below will increase the probability of establishing a lower low.
The volume climax is currently below average, an influx is highly probable when testing key trade locations.
Overall, in my opinion, GBPJPY is a valid short with defined risk, price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“Trade What’s Happening…Not What You Think Is Gonna Happen.” – Doug Gregory
Today’s analysis – GBPJPY- trading under Local S/R with bearish price action, further downside probable,
Points to consider,
- Price action impulse
- Local S/R Resistance
- .618 Fibonacci & 200 EMA confluence
- Low volume
GBPJPY’s immediate price action is trading under Local S/R, therefore any rallies are considered bearish retests.
Local S/R Resistance is in confluence with the .618 Fibonacci and 200 EMA, adding probability to a bearish retest.
Lower Local S/R is projected target, price breaking below will increase the probability of establishing a lower low.
The volume climax is currently below average, an influx is highly probable when testing key trade locations.
Overall, in my opinion, GBPJPY is a valid short with defined risk, price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“Trade What’s Happening…Not What You Think Is Gonna Happen.” – Doug Gregory