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GBPJPY: Pound Rallies?

Monthly Time Frame: Starting on the higher time frames we can see that price is in a trading range. Price managed to retest previous areas of support and reject (size of wick).


Weekly Time Frame: Scaling down to the weekly, we can see the significance of this zone. Not only did we reject of this zone 2 weeks prior, but we managed to close off a strong weekly engulfing (bullish).


Daily Time Frame: Scaling down further we can see price testing as new support in confluence with daily pinbar candlesticks. If price manages to hold anticipate longs.


4Hr Time Frame: Scaling down even further, we can see how price managed to break the down trend and previous areas of resistance. If price manages to hold above 133.500 key psychological than anticipate longs to 136.000-137.000 key psychological zones. However, if price breaks the uptrend and support, then look for shorting opportunities down to 128.000 (with other price action strategies). Due to uncertainty of market fluidity, risk management is highly recommended.


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