GBP/JPY Ranged today the entire day moving up and down the ranges giving a choppy price action.
Analyzing from the monthly time frame we seem to have created a top wick and seem to be favoring the downside. Weekly has created resistance and now seem to be going to the downside. Since Wednesdays move coming down we seem to looking forward to do a correction to at least 50% of the move and then continue going down to fulfill the monthly timeframes direction.
Personally i would wait for 30 min candles to close above or below the aforesaid range marked by the levels in the chart and the next candle to create a bottom/top wick before moving in the intended direction to take a trade.
This is not a financial advice. This is my personal view of the currency pair.
Analyzing from the monthly time frame we seem to have created a top wick and seem to be favoring the downside. Weekly has created resistance and now seem to be going to the downside. Since Wednesdays move coming down we seem to looking forward to do a correction to at least 50% of the move and then continue going down to fulfill the monthly timeframes direction.
Personally i would wait for 30 min candles to close above or below the aforesaid range marked by the levels in the chart and the next candle to create a bottom/top wick before moving in the intended direction to take a trade.
This is not a financial advice. This is my personal view of the currency pair.
Comment:
This is also another idea the you could take quick 10 pip scalps in either direction of the 4 HR S/R in the middle of the No Trade Range.