GBPJPY: breakout and retest?

Price on GBPJPY has moving downside at the moment, after formed a Pin Bar on December 12th, 2016. Yesterday, price broke through below the support level on daily chart. This level has been respected as support and resistance in recent times as you can see on the daily chart below. This support level now acts as the new resistance level. 

Will start looking for the opportunity to go short on this pair, if price pullback and retest the new resistance level. This opportunity can happen on smaller time frame chart like 4-hour chart below.

GBPJPY Daily chart

gbpjpydaily-170110

GBPJPY 4-hour chart

gbpjpyh4-170110

Don’t forget to see my latest trading setup on:

Follow me on twitter and facebook also google+ for more analysis.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: