Market Analysis provided by A Teen Trader should be used for a education purposed only, trade what you are willing to lose
GBP/JPY didn’t exactly play out how i mentioned yesterday, but as you can see based of this 4h time frame there were not rejection candles to take as a confirmation to enter a sell position last night, therefore no one should have taken sells. (I am in the works of a Candle Confirmation post, will be posted within next few days).
Overall we still see bearish momentum, on the 4h time frame another lower low was created (circled in black) and on the pull back we had today, we had a 3rd touch which was rejected (circled in black, on top). Indicating to us that our Bearish trend line is still valid and there for we should not be looking for buys yet. What we can also see is the 50 ema that crossed last week was retested and rejected (ema acts a dynamic resistance in this scenario). For now, a bearish move to the daily support of 147.50 is still on watch and i will update you if i see other wise. If you are still trading, be smart, wait for proper confirms. Happy trading!
As i mentioned above, if we are wanting to look for buys we need to have confirmations that we are not going to get faked out. The thing that will be safest to wait for is, the break of the bearish trend line. After that we can re draw our support and resistance zones and see what to trade off of from there. As long as this trend line is being held, we will continue to the down side.