GBPJPY Analysis November 21, 2021
We are looking for a swing trade so I will utilize the weekly and 4 hour timeframes to make my decisions. On the weekly timeframe we look for three things in particular which are our key levels, patterns and candlestick analysis. On the 4 hour timeframe we focus on using most of our technicals which is including fibonacci, support and resistance , supply and demand zones, market structure, candlestick analysis etc. On crypto we are looking at the Daily and 1 Hour timeframes to take trades when they are ready.
On the weekly timeframe price just formed a inverted hammer candle which is normally a reversal signal. Considering we just made a push down this would mean that price is telling us that it is finding support at the 152.700 level.
On the H4 timeframe we are clearly still in a strong downtrend having just rejected the trend line last week. We can look for entry on a retest of 153.800 level as this is a previous support area that was just broken. Targets will be our lower key level of support which sits at 152.000 area.
On the weekly timeframe price just formed a inverted hammer candle which is normally a reversal signal. Considering we just made a push down this would mean that price is telling us that it is finding support at the 152.700 level.
On the H4 timeframe we are clearly still in a strong downtrend having just rejected the trend line last week. We can look for entry on a retest of 153.800 level as this is a previous support area that was just broken. Targets will be our lower key level of support which sits at 152.000 area.