The previous candle on H1 hit GBP/JPY WR1 Pivot and all the signs are that this pair will now reverse.
The rationale for this assumption that GBP/JPY will reverse follows:
a). The current H1 candle is BEARISH.
b). On 15m time frame the RSI declining.
c). The MACD on the same time frame is signalling SHORT.
d). On the Andean Oscillator (15m) we can see that the green BUY line has slipped under the signal line and both are beginning to turn south - this is more apparent on 5M.
e). The red SELL line on the Andean has risen off zero and is climbing.
f). Traders frequently assume price will either sell off at WR1 or BUYERS will enter the market at WS1 (which is why EVERY trader should have pivots on their charts.
Looks a banker SHORT trade this with a tight STOP above WR1 at 192.73
Target is open and depends on momentum but initially the 200 EMA on H1 looks favourite at 191.60 area.
The rationale for this assumption that GBP/JPY will reverse follows:
a). The current H1 candle is BEARISH.
b). On 15m time frame the RSI declining.
c). The MACD on the same time frame is signalling SHORT.
d). On the Andean Oscillator (15m) we can see that the green BUY line has slipped under the signal line and both are beginning to turn south - this is more apparent on 5M.
e). The red SELL line on the Andean has risen off zero and is climbing.
f). Traders frequently assume price will either sell off at WR1 or BUYERS will enter the market at WS1 (which is why EVERY trader should have pivots on their charts.
Looks a banker SHORT trade this with a tight STOP above WR1 at 192.73
Target is open and depends on momentum but initially the 200 EMA on H1 looks favourite at 191.60 area.