Looking at GBPJPY at the close of the March Candle and end of Q1. Price has broken out of the top of the monthly range with heavy bullish pressure. I have two options that could play out in early weeks of April.
1. Price respects the previously Monthly Demand AOI and continues its Bullish Momentum
2. Price Retraces back into the range back down to the Origin of bullish movement that occurred the first week of March.
If price is able to break through the weekly AOI we may see the bulls continuing to push higher through the month of April.
Disclosure -
This is not financial advice. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.
1. Price respects the previously Monthly Demand AOI and continues its Bullish Momentum
2. Price Retraces back into the range back down to the Origin of bullish movement that occurred the first week of March.
If price is able to break through the weekly AOI we may see the bulls continuing to push higher through the month of April.
Disclosure -
This is not financial advice. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.