GBPJPY 20/10/2022
Aggiornato
Price has a recent support at 167.736 which its currently making a break out of & also it formed a resistance at 168.425. Price also just formed multiple lower lows while moving in respect to a newly formed downtrendline as you can see from the chart. Now if price respects the resistance & closes below the support, then we can expect price to continue pushing down in that downtrend to the next Support at 167.037 or all the way to 165.542 support zone as a retracement move after the huge bullish run on HTF.
Nota
so seems like price did not make a close blow the support yet, instead its respecting the support still as you can price closed all the way above the support making a fakeout. We would wait to see for a proper candle close on a 30 min TF before looking for short trade. and if price breaks the resistance at 168.421 with further bullish move, then possible short trade trade opportunity would be invalid & we would start to look for long trades above the resistance.
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