GBP/JPY Technicals 12/17/2017




Market Analysis

Market Analysis provided by A Teen Trader should be used for a education purposed only, trade what you are willing to lose 

GBP/JPY

Daily Time Frame

Technicals/Forecast:

Over the past 3 months (92 days) GBP/JPY has been in a consolidation period, the range though is a massive 600 pips. So looking for 20,30, or more pips is no big deal. When looking at the current state of Gj, this past week we rejected daily resistance (153) with a double top. We are now in heavy bearish momentum, and what we can expect a move back to the daily support zone (147.50).

4h Time FrameTechnicals:

Looking at the 4h time frame we can also see bearish structure, we had a very clear double top on daily resistance like mentioned above, and on the way down we created a lower high (black circle). An indication for bearish market structure is what i circled in green, price broke, closed and retested a broken 4h zone. While creating a lower low, and breaking the support zone That we had from two weeks ago. A key thing too look for is how the market opens today (Sunday 12/17/2017) , if the market opens below the 4h resistance, i would wait for a rejection and look for a bearish move to the daily support zone. If the market today opens above the zone, i would wait until we re-break the support zone or show clear confirms of buys. Which would include Higher Highs and Higher Lows with momentum (not small choppy candles like on far left of chart). Please note that we are coming to the end of the year, which means that volume will start to die down due to people beginning to go on holiday. Trade smart and Happy Trading!

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