Weekly Price Action Setups & Trade Ideas | Feb 11-16

gbpjpy technical analysis 2ndskiesforex

Chris Capre’s current live trades: BIR, FXo EURJPY, EURUSD

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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 …

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