Paun British / Yen JepunSingkat
GBPJPY Short
As you can see we broke previous Support after forming a Head & Shoulders pattern.
The market then retest that zone before continuing it's movement to the downside. We then break the Daily Support, but it wasn't a significant move, but still, we are in a downtrend as of now. But here's the catch, we created a double bottom, we made a Lower Low, Lower High, then a Higher Low . This is a pretty complex pattern as of now. The market might be creating a complex pullback, however we do get a SHORT bias because we are in a downtrend.
We created a zone using Fib. Retracement, as you can see the market retraced beautifully on the 50% Retracement, but if the market breaks and closes above the previous resistance, we could see a potential reversal, plus the fact we created a double bottom.
However, I would say that our bias still remains SHORT on this pair as long as the market doesn't break the level I pointed using the red-dotted line.
NOTE: Do not trade this analysis blindly!
What do you guys think?
I would love if you guys share your analysis on this pair as well.
The market then retest that zone before continuing it's movement to the downside. We then break the Daily Support, but it wasn't a significant move, but still, we are in a downtrend as of now. But here's the catch, we created a double bottom, we made a Lower Low, Lower High, then a Higher Low . This is a pretty complex pattern as of now. The market might be creating a complex pullback, however we do get a SHORT bias because we are in a downtrend.
We created a zone using Fib. Retracement, as you can see the market retraced beautifully on the 50% Retracement, but if the market breaks and closes above the previous resistance, we could see a potential reversal, plus the fact we created a double bottom.
However, I would say that our bias still remains SHORT on this pair as long as the market doesn't break the level I pointed using the red-dotted line.
NOTE: Do not trade this analysis blindly!
What do you guys think?
I would love if you guys share your analysis on this pair as well.
Penafian
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