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GBPJPY is overall bullish on the daily TF, but i doubt we may go higher at this point!
After we traded between 158-148 area, we were able to break the range resistance now support at the 158 region to see a new high at the 168 area.
We retrace in between 0.168 and 0.5 fib, after the touch at the fib level, price bounced about 2.68% up and failed to make new high.
BIAS: Short term bearish!
Reason:
1. We fail to create a new high after retracing the daily resistance.
2. A strong bearish candle touching fib level after failing to create a new high.
3. The Rsi bearish divergence.
4. The Ma bearish cross.
For those who are gonna trade remember to always follow your trading plan regarding entry, risk management, and trade management.
Goodluck!
GBPJPY is overall bullish on the daily TF, but i doubt we may go higher at this point!
After we traded between 158-148 area, we were able to break the range resistance now support at the 158 region to see a new high at the 168 area.
We retrace in between 0.168 and 0.5 fib, after the touch at the fib level, price bounced about 2.68% up and failed to make new high.
BIAS: Short term bearish!
Reason:
1. We fail to create a new high after retracing the daily resistance.
2. A strong bearish candle touching fib level after failing to create a new high.
3. The Rsi bearish divergence.
4. The Ma bearish cross.
For those who are gonna trade remember to always follow your trading plan regarding entry, risk management, and trade management.
Goodluck!
