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Sunday, July 18, 2021

GBPJPY Analysis July 18, 2021

GBPJPY Analysis July 18, 2021

On the weekly timeframe we are in between two key levels. The upper key level is at 156.000 and the lower level is at 148.000. Last week closed with a bearish candle no wick ash the bottom meaning sellers ended the week in control. Let’s go down to the lower timeframe to see if we should continue with this bearish trend .

snapshot
On the H4 timeframe we can clearly see that the trend is very bearish . I will look to take sells only in an area of resistance. The two areas that come to mind are the 153.600 level and the 152.800 level. We can see there are multiple support and resistance areas at these two zones. We have two potential entry zones with the first one being at 152.800. There is a fib level (61.8%) here along with key resistance. At the first sign of rejection we will short here. The next area is 153.570. Here we have a key resistance level along with supply zone from the previous LH. I will short in these two areas as soon as I see rejecting on the H4 timeframe!
snapshot



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