GBPJPY Analysis 10/1/2022 1hr
GJ has had a crazy day today I had it charted out nicely but I missed the move unfortunately. now it needs to be decided the most likely scenario to play out next.
there are several things to consider here when looking at this chart firstly, we have been in a strong uptrend in price the previous week 2-3 weeks and for the first time since then price has failed to hold the support (which has been tested several times). that created the big drop today!
we seem to have found support at a previous days low. there is also nice resistance at the green trend line if you look and see which has now proven to be support.
I think this big move will be recovered but I think more downside should follow, I have a random green box highlighted here but I am aiming for price to at leats revisit this levelling the short term. this is dependant on a few things.
we make a lower high tomorrow when retracing this big drop. this head and shoulders pattern is playing out meaning further downside is to come and we also have 3 hits to the high which is renowned for being a reversal pattern here and keep in mind how bullish this pair has been the previous weeks so there is plenty of liquidity left below us waiting to be taken.
I have highlighted the possible sell zone, if we break above it then more than likely we are going to make a new high and continue to the upside but I think a short at that level in terms of risk to reward will be worth it.
something like this would be mental but to grab a few scalp positions along the way would be perfect.
there are several things to consider here when looking at this chart firstly, we have been in a strong uptrend in price the previous week 2-3 weeks and for the first time since then price has failed to hold the support (which has been tested several times). that created the big drop today!
we seem to have found support at a previous days low. there is also nice resistance at the green trend line if you look and see which has now proven to be support.
I think this big move will be recovered but I think more downside should follow, I have a random green box highlighted here but I am aiming for price to at leats revisit this levelling the short term. this is dependant on a few things.
we make a lower high tomorrow when retracing this big drop. this head and shoulders pattern is playing out meaning further downside is to come and we also have 3 hits to the high which is renowned for being a reversal pattern here and keep in mind how bullish this pair has been the previous weeks so there is plenty of liquidity left below us waiting to be taken.
I have highlighted the possible sell zone, if we break above it then more than likely we are going to make a new high and continue to the upside but I think a short at that level in terms of risk to reward will be worth it.
something like this would be mental but to grab a few scalp positions along the way would be perfect.
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