Today, GBPJPY has an attractive setup for our daily trading. Where since a few days ago, this pair seemed to move in a pattern.
Check out GBPJPY in the following Chart 4 Hours:
[url=https://postimages.org/][img]https://i.postimg.cc/25GfgHyJ/pic12dc09550ba005a9c35e270db7885ce6.png[/img][/url]
GBPJPY chart
Judging from the picture chart above, it seems that GBPJPY prices are still moving around the highest weekly level, where it seems to illustrate the lack of selling resistance, but also not so strongly suppressed by buying sentiment. Today, be aware of better selling resistance DURING the absence of an increase in buying interest. Lets see.
For today's entry review, let's look at GBPJPY in the following Chart 1 Hour:
[url=https://postimages.org/][img]https://i.postimg.cc/WpF1Jvh1/pic6ea5c8681d68a1b29dc7032d5016c6fb.png[/img][/url]
GBPJPY chart
Based on the picture above,
I have determined the following intraday Support and Resistance price levels:
Resistance2 (R2): 147.62
Resistance1 (R1): 147.16
Support1 (S1): 146.46
Support2 (S2): 145.97
From the picture above, it appears GBPJPY yesterday only moves ranging and forms the highest weekly new level. This indicates a market uncertainty even though the price is detected from the previous High level (around the S1 level today).
Today, focus on the analysis of valid transaction pressures on mapped levels, where yesterday's movements in the view of this analysis have the potential to give false signals when transaction volume is still below the intraday average. Stay objective, huh!
Use the Volume type indicator to help us see the strength of transactions in each candle.
Today's level R1 and S1 level will also measure how much pressure will be obtained today from the Buyer's and Seller's side so that the price reaction (Breakout or Rejection) on one of these levels will clarify the entry opportunity and price direction for today.
Also beware of the formation of a consolidation pattern between the levels of R1 and S1 levels today.
Stay alert to false breakouts.