Now is a chance to enter a long during the rally. -My overall bearish bias for GBPJPY is bearish. -Price is currently in an area of support. -The previous 4h candle ended in a doji and appears to be forming a morning star candlestick pattern. -A formation of the candle stick pattern along with respecting the support area is showing that price is building bullish momentum and ready to make a bullish push. -After the break of the previous low I am expecting price to retrace and test the former support area which is now acting as resistance. -According to the fib this previous area of support also aligns with the 50.0 fib level. -I am expecting price to rally to the 50.0-61.8 fib level before making another bearish continuation. -Price should test the previous level of support, acting as resistance and create a lower high (LH).
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