GBPJPY SELL IDEA
From the weekly chart we see a market that is on a major resistance level as the week closes.
in the 4H timeframe we see their was presence of an impulsive move to the down side indicating their is presence of alot of selling pressure.
what do I think ?
1. I think market will retrace back to around 191.278 using our rules of impulses where we introduce the Fibonacci retracement tool as we can also see market is currently on a support level in the 4H, I reckon market will grab liquidity before shouting to the down side.
2. If market manages to break the support level then on the retest we will make our sell entries to;
TP 1 - 189.463
TP 2 - 188.358
in the 4H timeframe we see their was presence of an impulsive move to the down side indicating their is presence of alot of selling pressure.
what do I think ?
1. I think market will retrace back to around 191.278 using our rules of impulses where we introduce the Fibonacci retracement tool as we can also see market is currently on a support level in the 4H, I reckon market will grab liquidity before shouting to the down side.
2. If market manages to break the support level then on the retest we will make our sell entries to;
TP 1 - 189.463
TP 2 - 188.358
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