GBPJPY H4 CBD
Price clearly rejected the 50% fib indicating selling pressure at this level. Could this be our reversal point? Im being caution as the 1D time-frame can indicate a much steeper retracement then anticipated.
If we go up to the 1D time-frame and draw fibs from resistance point (146.398) to support point (136.749) we can see that our firs PRZ level is above our monthly key level support 140.00. And if we go to the monthly timeframe we can see that the monthly support 140.00 is being tested.
So keep a close attention as the H4 could be indicating a fake out and the true retracement in on the 1D time- frame.
If we go up to the 1D time-frame and draw fibs from resistance point (146.398) to support point (136.749) we can see that our firs PRZ level is above our monthly key level support 140.00. And if we go to the monthly timeframe we can see that the monthly support 140.00 is being tested.
So keep a close attention as the H4 could be indicating a fake out and the true retracement in on the 1D time- frame.
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