Chris Capre’s current live trades: BIR, FXo EURJPY, EURUSD
ATTN: Are you struggling with trading key support and resistance levels? Click here to learn more.
GBPJPY – Role Reversal Zone Held as Resistance, Trade in Profit (Daily chart)
On Thursday, bulls made an attempt to push price back above the role reversal zone (152.50-153.50).
This attempt was heavily countered by the bears defending this zone, slamming price 300 pips lower within just one 4 hour candle resulting in the potential bearish follow through I mentioned in the last commentary, confirming that ST order flow has shifted in favor of the bears.
Along these lines, after seeing price consolidate within a ST corrective structure below the S/R zone preceded by strong …... Keep reading