Weekly Analysis on Great Britain Pound / Japanese Yen: Week 2

DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".

So it's been a long time since I publish anything. But this is a new year and with that comes new goals and new purposes in life. One of my goals is to trade more, to earn back my initial investment in my account and try to at least get some chump change from all this. Now this is a pair that I have spent months following and profiting off of. So lets see what happened this past week and what to look forward to.

Daily: So on the daily we have a big resistance area at 152.957. Now since January 5th and part of this past week the price broke through that resistance area. But the price did not break the support area I have drawn at 150.155.

4 Hour: Alright so 4hr is where all the action happens! We can draw out an ascending trendline here, of course being broken this week. There were plenty of places to enter after that huge downfall, some which I was able to catch and profit from. The 150.155 support area was touched to the pip and bounced back.

Now, since no new lower lows were made this week, I expect the price to bounce back towards the 152.957 resistance area. The key will be to watch if it will break the last higher high of 153.661.