GBPJPY - Stars Aligned
IF we look at the preceding 2 months for this pair on the Weekly Chart
1. Evening Star - July starts with a bullish candle , followed by a Shooting Star and then a bearish candle. Together these 3 candles form the Evening Star , a bearish reversal pattern. The rest of the month follows through with successive extended range bearish candles.
2. Morning Star - August starts with a large Hammer , testing the 3rd Standard Deviation and cementing the lowest low. Next a bullish candle appears. We now have a formation of the Morning Star, a bullish reversal pattern. The 3rd week in August is closer to a Deviant Dragonfly, also a bullish sign. August ends with a bullish candlestick.
On the daily chart we can see the consolidation of later August. Price is respecting 192, and there is compression evident with smaller real bodies.
What's next ?
Looking for a potential Flat Channel Breakout next week. The target would be a confluence of
1. Supply Zone - 197.50
2. Bollinger Channel Midpoint - 197.00
1. Evening Star - July starts with a bullish candle , followed by a Shooting Star and then a bearish candle. Together these 3 candles form the Evening Star , a bearish reversal pattern. The rest of the month follows through with successive extended range bearish candles.
2. Morning Star - August starts with a large Hammer , testing the 3rd Standard Deviation and cementing the lowest low. Next a bullish candle appears. We now have a formation of the Morning Star, a bullish reversal pattern. The 3rd week in August is closer to a Deviant Dragonfly, also a bullish sign. August ends with a bullish candlestick.
On the daily chart we can see the consolidation of later August. Price is respecting 192, and there is compression evident with smaller real bodies.
What's next ?
Looking for a potential Flat Channel Breakout next week. The target would be a confluence of
1. Supply Zone - 197.50
2. Bollinger Channel Midpoint - 197.00
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