GBPJPY | Bullish Hammer
Interesting bullish pattern formation on the monthly view.
The buyers step into the market and eventually overwhelm the sellers orders. This causes the price to close near the upper end of the candle formation. During the specific time interval in which this hammer candlestick formed, demand from the buyers exceeded supply from the sellers, signaling a strong potential for an upside price move.
The buyers step into the market and eventually overwhelm the sellers orders. This causes the price to close near the upper end of the candle formation. During the specific time interval in which this hammer candlestick formed, demand from the buyers exceeded supply from the sellers, signaling a strong potential for an upside price move.
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