FX:GBP/JPY has been ranging nearly all day causing much confusion for everyone.
However, here's what I see:
133.000 is a major resistance, as you can see from the arrows on the chart. You can see a double top at that level. When you look at the current candles on the currency pair, you can see that bullish momentum is currently being lost, as the candle sizes seem to be getting smaller and smaller upon approach of the level. I am seeing a short occurring, but this all depends on the next few candles. My analysis is based on the 2HR, 3HR, 4HR timeframes.
Please let me know what you think of this analysis and if you may think different. If price rejects that 133.000 level once more, I will be opening up a long term short position as I think this is currently where the pair is heading.
However, here's what I see:
133.000 is a major resistance, as you can see from the arrows on the chart. You can see a double top at that level. When you look at the current candles on the currency pair, you can see that bullish momentum is currently being lost, as the candle sizes seem to be getting smaller and smaller upon approach of the level. I am seeing a short occurring, but this all depends on the next few candles. My analysis is based on the 2HR, 3HR, 4HR timeframes.
Please let me know what you think of this analysis and if you may think different. If price rejects that 133.000 level once more, I will be opening up a long term short position as I think this is currently where the pair is heading.