GBPJPY analysis - Friday's high tested...

chart 30 min -3 pm Malaysia

Franfurt market pushed the beast up to Friday's high and seems that the bears are still alive. However the price still need to break the lower trendline for the confirmation that the bears are taking over the market.

Let's see where the beast will go next....
4.00 pm - stopped out at +5
will wait again...
4.15 pm - bulls still persisting
I go bowling first
9.00 pm - a possible reversal candle has appeared on the
hourly chart
price slightly missed the 161.8% fib level
went short at 139.59; SL at 140.07 (48 pips risk)
see the h1 chart below

10.00 pm - +56; SL rest at +1
11.00 pm - +115; Sl rest at +30
on the h4 chart, the price was rejected by the upper
trendline and an evening star formation is in progress;
which is a strong indication that the price might
continue tanking....
see the h4 chart below


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