GBPJPY forecast
This is where I see GJ going next week and the reasoning behind it.
Weekly timeframe:
- After price tapped into the weekly support/level at 149 it formed an inverted hammer cs indicating bullish pressure wanting to come back into the market
Daily timeframe:
- After price tapped into the 149 level it formed a bullish engulfing marabozu cs first which engulfed 3 days of PA. Price then completed a Higher low by sustaining above the 149 level for 3 consecutive days forming a morning star cs formation. The bullish cs of the morning star is a bullish engulfing hammer cs mix which engulfed 3 days of PA.
4 hour timeframe:
- Price broke out of the descending channel and retested it via a STRONG hammer cs.
--> GJ is giving clear reversal signs. Looking at GJ to go into 151.6 region next week. After 151.6 next tp can be 154.3 region
Weekly timeframe:
- After price tapped into the weekly support/level at 149 it formed an inverted hammer cs indicating bullish pressure wanting to come back into the market
Daily timeframe:
- After price tapped into the 149 level it formed a bullish engulfing marabozu cs first which engulfed 3 days of PA. Price then completed a Higher low by sustaining above the 149 level for 3 consecutive days forming a morning star cs formation. The bullish cs of the morning star is a bullish engulfing hammer cs mix which engulfed 3 days of PA.
4 hour timeframe:
- Price broke out of the descending channel and retested it via a STRONG hammer cs.
--> GJ is giving clear reversal signs. Looking at GJ to go into 151.6 region next week. After 151.6 next tp can be 154.3 region
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