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GBPJPY Retracement

FX:GBPJPY   英鎊 / 日圓
Hello traders!

According to my technical analysis , it seems that GBPJPY             is currently in an uptrend. Not only is this true on the 1hr time frame, but it is also true on the 4hr and the Daily time frames. (The trend is your friend, and never trade against it unless you know what you're doing).

To start things off I would like to mention the Trend Line (in black) which has been confirmed as support 2 times now. This gives authentication that this is true support. We can also see that the market has been creating Higher Highs and Higher Lows (circled in red), which clearly shows the directional bias of the market at this time. At this point in time we are currently retracing back to previous prices which is a great time to start watching the market for a trading opportunity. When is see this in the market, I use my Fibonacci Retracement tool to determine where the market is likely going to find support. As you can see, I also have my support and resistance levels plotted on my chart (green horizontal lines) and when those levels line up with the Fib levels of 0.382 , 0.618 , and 0.786 it tends to act as very strong support. These levels are currently lining up absolutely perfect along with the trend line (in black) acting as another support.

Now, we are likely to fall to the 0.618 and 0.786 levels at this time, since a candle broke and closed below the 0.382 level on Friday. The EMA (in blue) and the MA (in red) have also crossed over shifting the market towards temporary downside, and the MACD is looking rather bearish .

At this point I am awaiting the market to come into contact with these major support levels, and I will keep a close eye on price action.

~Mainstay

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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