GBPJPY : Market preview

10:15 am gmt +8

The last three candles condition on H4 indicates the early sign of reversal to BULLISH. The price might up from that point or retest the MAJOR TRENDLINE once more to form double bottom.

The other possibility is the price might form 123 pattern and pass through the MAJOR TRENDLINE from that point to continue BEARISH. But the big question is "The market already BEARISH for 2 days and the price could be considered very low. Is it possible for market to perform BEARISH for 3 market trading days without any correction or any reversal?" I guess it's possible but the probability is very low.

That's why I preferred to wait for best entry on small TF for LONG position.

GBP : Update

6:41 pm gmt +8

What we've got so far is the H4 bear candle broke the trend line.
And we also didn't find any reversal signal from RSI, Stoch and MACD.

However, the candles condition from small TF shows some retracement.
I'm waiting for the next SHORT entry.

GBPJPY : Retracement Phase

10:26 am gmt +8

The candles condition from H4 to M5 indicates sideways market between 212.47 and 211.87.
This could be retracement phase for BEARISH.

And moreover, the RSI, Stoch and MACD in H4 indicates BEARISH. I guess it's not suggested to enter LONG position... just wait for best entry to SHORT

GBPJPY : Double Top Result

9:13 am gmt +8

The rule of Double Top not broken.
The price dropped for 108 pips from neckline.
It was around the target 96 pips, the distance between top to neckline.

And... at the moment, so far there is no signal... i will let the market move freely for a while to get some clues.

GBPJPY : 123-Pattern or Double Top

3:11 pm gmt +8

Market still in indecision mode.
Stoch and RSI indicate that... market still controlled and interfered by BULL. However its not suggested to enter LONG position until the market make decision on which way to go. Yet the price already high.

123-formation for BULLISH continuation and Double Top formation for BEARISH.

GBP : Bearish

9:10 am gmt +8

At the moment the H4 candle indicate bearish... and agreed by all time frames.

This could mean that the price already achieved the highest high of the completed wave.

And it also suggest that the market will BEARISH to find the lowest price.

Or the other possibility is the price will soon form double top on H4 and H1. However at the moment, there are no significant sign on small TF for double top formation.

GBPJPY : Testing yesterday's support level (Update)

5:15 pm gmt + 8

Gain 20 pips sell at 212.01 close manually at 211.81
Waiting for next SELL signal

GBPJPY : Testing yesterday's support level

11:00 am gmt +8

H4 and H1 : The candle(s) considered indecision candle... the current candle high 0f H4 same as previous candle high, 212.12, considered minor resistance level (and also referred as yesterday's support level). If bull candle could break the level the market will enter the yesterday's sideways area 212.86 - 212.00

M30 and M15 : The market remain up until price could break the trend line.

Preference :
RSI signal : BEARISH
Waiting price to completely break trend line of M30 or the price reach high (around 212.87 or less, as long as the price not not break that level and as long as RSI H4 remain BEARISH)... to enter SHORT position