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GBPJPY Engulfing Bar + Pin Bar Starts Massive Sell-Off | Aug 6th
GBPJPY Forms Engulfing Bar + Quadruple Top
Today the GBPJPY formed an engulfing bar + pin bar combo off a key 151.30 resistance (also a quadruple top). After touching this resistance level, the pair sold off massively dropping almost 200 pips since On the 1hr charts you can see two breakout pullback setups (off 150.30 and 150.09).
The pair is now headed for key range support between 148.13 and 147.30 which is where the pair is likely headed first. Watch for intraday price action pullbacks towards 149.81 or 150.30 to sell short term rallies targeting the lower support levels. An hourly break and close above 150.60 will likely retest 151.30.
Make sure to check out my latest article on How To Deal With Counter Trend Signals To Our Trades.
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