Possible bear flag formation on h4 upon GBPJPY pair.
First we have to remember the bullish bias of the pair on higher timeframes, such as weekly and monthly (target 163 and above); on lower timeframe seems in creation a bear flag:
- Pole of the flag yet completed;
- ABCDE retarcement of the flag in creation, with strong support at 155.700, which if broken would make the pair plunge to the support at 0.786 fib retracement (as per chart indication)
- length of the pole equivalent to the distance from the support at 0.786 till the monthly resistance at 163.
Personally, i'm waiting for the retracement to the resistance at 156.8 to short. If invalidated trade would take stop loss
no trading advice
First we have to remember the bullish bias of the pair on higher timeframes, such as weekly and monthly (target 163 and above); on lower timeframe seems in creation a bear flag:
- Pole of the flag yet completed;
- ABCDE retarcement of the flag in creation, with strong support at 155.700, which if broken would make the pair plunge to the support at 0.786 fib retracement (as per chart indication)
- length of the pole equivalent to the distance from the support at 0.786 till the monthly resistance at 163.
Personally, i'm waiting for the retracement to the resistance at 156.8 to short. If invalidated trade would take stop loss
no trading advice
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Invalidated