Just a moment ago, on GBPJPY appeared a sell signal consistent with the Only Highs & Lows strategy. About the possibility of appearing a signal on this pair I mentioned already in the last analysis.
GBPJPY
On H4 chart pair shows a clear downward trend, as well as its correction, which tests from the bottom 33-66% abolition of the last impulse. In addition, the price tests 20-period SMA, which strengthens the role of this resistance.
When going to a 30 minute chart, we see that, after a corrective run and a 20-period SMA test, the bulls began to lose control. The first lower high is formed, and then a large supply candle breakes level of the last low, giving us a signal to sell.
EURJPY
The situation on the EURJPY is similar, but the correction corrected majority of the last downturn. As both pairs are correlated I decided to take position only on GBPJPY.
On other currency pairs at the moment I do not see anything interesting in terms of Only Highs & Lows strategy. But if something interesting occurs, I’ll include it in another review.
