GBP/JPY Intraday Bearish
Morning Traders!
The price is retesting a major resistance level (arround 150,100) that is coincident with the 50% Fibonacci Retracement level of the las bearish impulse.
As it is a major resistance level and the 50% Fibonacci Retracement level of the las bearish impulse, I expect the price to bounce from there to reach at least the base of the bullish channel. That would be the first TP.
If the price breaks the base of the channel i would expect the price to reach the next support level (arround 147,900) which is coincident with the 1.272% Fibonacci Expension level of the last bearish impulse.
So today i will be looking for good sells on M15 TF.
The price is retesting a major resistance level (arround 150,100) that is coincident with the 50% Fibonacci Retracement level of the las bearish impulse.
As it is a major resistance level and the 50% Fibonacci Retracement level of the las bearish impulse, I expect the price to bounce from there to reach at least the base of the bullish channel. That would be the first TP.
If the price breaks the base of the channel i would expect the price to reach the next support level (arround 147,900) which is coincident with the 1.272% Fibonacci Expension level of the last bearish impulse.
So today i will be looking for good sells on M15 TF.
Trade active
Price just closed below a M15 support, trade confirmed.Trade closed manually
Break Even
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.