GJ has just broken below previous support / demand zone from which we are currently watching a retest. If we get some nice selling pressure we are looking to place a sell on GBPJPY.
A word of warning, we can expect price to 'fake-out' above this zone all the way back up to our supply zone (yellow box) or even to the 61.8 Fib level before we see a continuation to out TP zone.
Entry: Wait for a bearish candle pattern formation or wick rejections at either resistance or 61.8 Fib level. We ideally want a doji / shooting star or a bearish engulfing for confirmation.
A word of warning, we can expect price to 'fake-out' above this zone all the way back up to our supply zone (yellow box) or even to the 61.8 Fib level before we see a continuation to out TP zone.
Entry: Wait for a bearish candle pattern formation or wick rejections at either resistance or 61.8 Fib level. We ideally want a doji / shooting star or a bearish engulfing for confirmation.