GBPJPY Bear Impulse | Structural Resistance| Range Support

2020年6月18日Evening Traders,

Today’s Analysis – GBPJPY – clear impulse bear move from resistance, next structural target is range support.

Points to consider,
- Impulse sell off
- Range mid-point (bearish retest)
- Range support target
- Oscillators overextended

GBPJPY had an impulse sell off putting in a volume climax node, marking an end to the temporary sell off.

Range mid-point has been tested with a bearish retest, failure at a second attempt will solidify the level and make the immediate target – range support.

Both oscillators are coming off from oversold conditions, breaking below 50 will signal weakness in the market.

Overall, in my opinion, price is likely to test range midpoint, failure to break will increase the probability of testing range support.

What are your thoughts?

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And remember,

“Where you want to be is always in control, never wishing, always trading, and always first and foremost protecting your butt.” – Paul Tudor Jones