GBPJPY buy intraday price action idea
Monthly:
- The previous Monthly candle closed bullish and created a support around 135.000
Actually it has broken the previous candle high, so I am expecting to continue upward until 142.000 (next monthly resistance).
There, at the level of 142.000, there is the last candle before the big drop of march 2020, after the Corona virus pandemic;
the price hit that level once, before September, and bounced fast to 132.000, losing a thousand pips in three months.
Weekly:
- We are far from the resistance at the level of 142.000, so I am expecting a new move upward until that level is reached.
Daily:
- Last daily candle closed bullish, but rejecting the resistance at 140.200 MoL; it's broken the last daily high, so I want to see the next daily candle closing above it.
H4:
- As you can see, we are going downward to maybe retest the resistance became support; as the daily shows us a rejection, we have to wait until London open session tomorrow to see what could happen in the next days.
Luckly, I would take some intraday Buys at Lower timeframes as 30M/H1 if my idea is confirmed.
Monthly chart:
Wekly chart:
Daily chart:
H4 chart:
- The previous Monthly candle closed bullish and created a support around 135.000
Actually it has broken the previous candle high, so I am expecting to continue upward until 142.000 (next monthly resistance).
There, at the level of 142.000, there is the last candle before the big drop of march 2020, after the Corona virus pandemic;
the price hit that level once, before September, and bounced fast to 132.000, losing a thousand pips in three months.
Weekly:
- We are far from the resistance at the level of 142.000, so I am expecting a new move upward until that level is reached.
Daily:
- Last daily candle closed bullish, but rejecting the resistance at 140.200 MoL; it's broken the last daily high, so I want to see the next daily candle closing above it.
H4:
- As you can see, we are going downward to maybe retest the resistance became support; as the daily shows us a rejection, we have to wait until London open session tomorrow to see what could happen in the next days.
Luckly, I would take some intraday Buys at Lower timeframes as 30M/H1 if my idea is confirmed.
Monthly chart: