Hi all,
Our analysis on GBPJPY hasn't changed much since last week. The trend bias is still bullish.
If we go to the weekly chart, last week the candle closed as a bullish inside bar. Where the mother bar is a bullish engulfing bar from the previous 2 weeks. Hence, our bias is still bullish - other than price is still above EMA 200.
As of now, price seems to go short on a bullish sentiment. There's a possibility that price might retrace to 0.618 on fib (refer to the chart).
As for us, we will stand aside and let the price dictate its way.
We will only enter the market after we see a clearer picture on where it is going.
much love,
Movingwfx
Our analysis on GBPJPY hasn't changed much since last week. The trend bias is still bullish.
If we go to the weekly chart, last week the candle closed as a bullish inside bar. Where the mother bar is a bullish engulfing bar from the previous 2 weeks. Hence, our bias is still bullish - other than price is still above EMA 200.
As of now, price seems to go short on a bullish sentiment. There's a possibility that price might retrace to 0.618 on fib (refer to the chart).
As for us, we will stand aside and let the price dictate its way.
We will only enter the market after we see a clearer picture on where it is going.
much love,
Movingwfx