Hello Traders,
Here is the Top-Down Analysis of GBPJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 49 - Dec 02
M > Market is respecting downward resistance trend-line. Price faced rejection at resistance level and moved down and is now returning back to test resistance trend-line again.
W > Price has also respected upward trend-line as support and is currently testing weekly supply zone. We can see a W formation however price has already completed the formation 2 weeks ago with the pull back. Price can continue with its rise.
D > In its upward move price formed and completed another W formation. We can see bearish divergence which can provide us some correction to the downside followed with continuation of upward move.
As per COT GBP added major Long and few Short, slightly improving net positions, N-R have also added major Long but closed few Short positions, improving cumulative net positions. BXY gained strength during the said period however after gaining strength it closed on a weak note last week. Institutions have been closing Long since August and increasing their portfolio of Short, about 10K Short added in last month. Hence weak GBP can be expected in long term. JPY saw addition of major Long and some Short positions improving net positions massively in comparison with last report. JXY received a pump up during the said period but but weakened a bit last week.
4H > Price has shown loss of momentum and a correction to downside can be expected that will provide us a nice Long entry.
Currency Correlation > Price has positive correlation with NZDJPY, GBPUSD, GBPCHF and AUDJPY.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of GBPJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 49 - Dec 02
M > Market is respecting downward resistance trend-line. Price faced rejection at resistance level and moved down and is now returning back to test resistance trend-line again.
W > Price has also respected upward trend-line as support and is currently testing weekly supply zone. We can see a W formation however price has already completed the formation 2 weeks ago with the pull back. Price can continue with its rise.
D > In its upward move price formed and completed another W formation. We can see bearish divergence which can provide us some correction to the downside followed with continuation of upward move.
As per COT GBP added major Long and few Short, slightly improving net positions, N-R have also added major Long but closed few Short positions, improving cumulative net positions. BXY gained strength during the said period however after gaining strength it closed on a weak note last week. Institutions have been closing Long since August and increasing their portfolio of Short, about 10K Short added in last month. Hence weak GBP can be expected in long term. JPY saw addition of major Long and some Short positions improving net positions massively in comparison with last report. JXY received a pump up during the said period but but weakened a bit last week.
4H > Price has shown loss of momentum and a correction to downside can be expected that will provide us a nice Long entry.
Currency Correlation > Price has positive correlation with NZDJPY, GBPUSD, GBPCHF and AUDJPY.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX