GBPJPY long - Supply Demand, W-Formation

GBPJPY I still see bullish. From all timeframes we want to see a push to the upside. The weekly can be interpreted as indecision because the market created a move to the weekly/daily Supply Zone and rejected the weekly candle at 0.5 Fib Level. If the marked would had retraced it harder then this week we could have expected a fill in the wick pattern. So all the way back to the upside. But it retraced exactly to the 0.5 and at this level we can not say if it will go back up or not this week.

But as we can see it from all the other timeframes we want to see that move to the upside. If we will remain above this Support Structure, we can expect that the price will move back to the Supply / Resistance to complete that Impulse/Correction Pattern and W-Formation.

Right now the Structure on the daily is in Accumulation Phase. So the price is ranging. Collecting all the liquidity.

What do you think?

Kommentar:

Indecision Phase