Estimated pips are the pips that would have been gained by trading ideally along the published scenario.
| Currency pair | Total pips | Posts | Average pips |
|---|---|---|---|
| GBP/JPY | +886.0 PIPS | 21 | 42.2 PIPS |
| USD/JPY | +678.0 PIPS | 21 | 32.3 PIPS |
| Total | +1,564.0 PIPS | ||
Last week's weekly chart closed with a bearish candle, so a continued decline is looking increasingly likely.All timeframes from the 4-hour chart down are pointing to sells, so today I want to look for chances at selling the rally.
The double top around 10 am JST (01:00 UTC) was a good selling point, but if you don't have a position, wait to sell the rally.The overall trend is up, but for day trading I'm looking to sell.
Until just a moment ago I was looking to buy, but it has come down, so I'm now looking to sell.Thinking in terms of buying, it looked like it was going to be a tricky market, so this has made it easier to find a setup.
Price is approaching 199, a key level on the daily chart, and momentum has slowed, but for now the bias is to buy.I'm looking to go long once I can identify where the pullback will form.
Today looks like a turning point: will the daily chart also turn lower, or will price hold its ground here?For day trading, I'm looking to sell for now.
Overall, this looks like a pullback forming within a broader uptrend.If you're trading with a bigger-picture bias, it's also a valid option to wait until the 15-minute chart makes a bullish shift.
Price has been falling without forming any waves, but the move is finally starting to stall.Will this become a pause before another leg down, or will it reverse from here? For now, it's still a sell.
The 15-minute chart has stalled at an awkward level and there's no clear direction.On the 4-hour chart (H4), I think the pullback would be somewhere around the lower blue line, but the pullback is a bit shallow.
Yesterday's rise has been completely wiped out, and every chart from the 4-hour down is now pointing lower.If this flow continues, we might drop to the daily chart key level of 145.For now, this is a spot to wait for selling the rally.
My bias is basically bullish, but the key question is whether price puts in a pullback first.If you think it will keep rising from here, buying around the current price is an option, but it's turning down (making lower highs), so it's hard to get involved.This is a typical move after a sharp rally.
