Hey guys looking at GBPJPY on the 15m chart you can see a formation of Higher Highs and Higher Lows. If the market continues to act in correspondence with the pattern we are on our way down to create another leg to the downside with a major support sitting at 150.00.
The 12 EMA (in blue) and the 26 EMA (in red) are beginning to cross which is a good sign for a little downside momentum. As long as we can break below this support level at 150.3 we should be on our way to 150.00.
The MACD is crossing over the 0 line to the downside, but the Stoch RSI is oversold. The market did just find support here so I won't pay too much attention to this.
I did put my trade here to show for educational purposes, but the market has already confirmed 150.431 as new resistance which is where I entered my trade after we broke this level as support.
~Mainstay
This is not a recommendation to buy or sell, and is for educational purposes only.
The 12 EMA (in blue) and the 26 EMA (in red) are beginning to cross which is a good sign for a little downside momentum. As long as we can break below this support level at 150.3 we should be on our way to 150.00.
The MACD is crossing over the 0 line to the downside, but the Stoch RSI is oversold. The market did just find support here so I won't pay too much attention to this.
I did put my trade here to show for educational purposes, but the market has already confirmed 150.431 as new resistance which is where I entered my trade after we broke this level as support.
~Mainstay
This is not a recommendation to buy or sell, and is for educational purposes only.