GbpJpy H4 Sell !!! Break and Retest

23 giu 2020

On the H4 it is clear downtrend forming making Lower Highs and Lower Lows. Currently we are seeing a break and retest of the recently broken lower low and and we expect previous support to turn resistance as shown above. there is a good chance that price would head down from here as we have the confluence of the trend line and 50% fib level lining up with structure. i like what i am seeing thus far with price rejecting the area but it is still not time to buy, i am seeing what is possibly a head and shoulders forming on the H1 chart. i will be monitoring price action closely waiting for a valid entry for a good risk to reward.