Hello Traders, what’s going on market after US closing? 😉
Stronger than expected momentum on GBP/JPY should provide a sell signal soon. If the price break through the red line support level it will be first signal that supply is getting over demand. Theorethically there was a false break yesterday, but obviously it was fake, so we need to wait until real one. This is a real occasion, because on this pair, falls were much stronger than uptrend impulses. If it is going to happen once again, room for probable fall is really profitable. Watch closely this pair and react if support is going to be broken.
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We can spot couple of pinbars during last few days, and pair is probably to correct. There is no typical resistance in this area, and trend is still bullish. Eventhoug, shorts are in play but only till reaching blue trendline.
Just like GBP/JPY, there was a false breakthroug on EUR/CHF lastly, but there was no signal for getting involved in shorts. At this point, we’re probably get bearish engulfing on a daily chart, which might be consider as such signal. Targets are at last lows, but on lower interval there’s still an upper channel.