GBPJPY : My price action analysis (Update)

3:46 pm GMT +8

After broke and tested the support level 213.39, price drop 100++ pips

Economic Calendar

Currency : GBP - Manufacturing PMI
Impact : High Impact Expected
Time : 4:30am
Previous : 45.5
Forecast : 45.8

Description :
The Chartered Institute of Purchasing and Supply (CIPS) Manufacturing Purchasing Manager's Index (PMI) measures the activity level of purchasing managers in the manufacturing sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.

GBPJPY : My price action analysis

10:30AM GMT +8

H4 : Area 213.24 - 213.39 considered strong support
H1 - M15 : Price possibly up if bull candle could break 213.78
M5 : The market most likely sideways for a while. After bull broke 213.66 the market went up for only 12 pips... but then price went back to the sideways area 213.39-213.66

Preference :
RSI signal BEARISH
Waiting price to pass through support level.