GBPJPY Daily S/R|Supply Zone|Local S/R|PA|Bearish Retest

24 ott 2020

Evening Traders,

Today’s analysis – GBPJPY- impulse price action, trading with a bounce from support zone leading into a probable retest of Local S/R,

Points to consider,

- Bearish Price Action
- Supply Zone Support
- Local S/R Resistance
- Oscillators Over-extended
- Volume Declining

GBPJPY’s immediate price action is considered bearish, any rallies are now are preluding to bearish retests, this allows us for a bearish bias.

The current supply zone is holding true with price action having an evident bounce. Projected Local S/R is resistance that is likely to respected. This will validate a bearish retest in confluence with the .382 Fibonacci and EMA’s.

Both oscillators are travelling in respected bearish control zones, this is indicative of weakness in the immediate short term. Volume is also declining, this is considered bearish as price subsequently rises.

Overall, in my opinion, GBPJPY is a valid short with defined risk, price action is to be used upon discretion/ management of trade.

Hope this analysis helps,

Thank you for following my work

And remember,

“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota