VPA principles at work on the daily chart for the gbp/jpy with last Thursday’s and Friday’s candles of small doji & shooting star respectively accompanied on good volume now coming through as the pair correct from 148.57 high. Daily CSI also shows the pairs at extremes and today’s price action has also pushed gbp/jpy off the top of the heatmap. Question is whether this move is the start of a meaningful move lower or simply a pullback, and the pair resumes marching higher, and this will depend on whether risk-off sentiment carries over from last week & Brexit stall really does happen. Meantime downside price objective first comes in at 147.03, then at 146.63. To the upside 147.30 is first resistance.
By Anna Coulling
I’m new to Forex like to know more
Hi Gloria – many thanks and I do have a complete forex education program which may be of interest – you can check out all the details at https://quantumtradingeducation.com – you are also welcome to join my free webinars which are weekly and you can find the details on the home page of my site. All best wishes Anna