Although, I am not getting a warm and fuzzy feeling from the market today (this is one of those negative biorhythm trading days for me), the GBPJPY caught my attention yesterday and it is peaking my interest to the short side (see post from yesterday).
Looking for a break below the 177.34 and then 177.118 to confirm sellers. RISK 100 hour MA (blue line)
The price remains in the yellow zone….yes… but it had three shots to the upside today and failed. We moved below the low for the day and are below the 100 and 200 hour MAs. The pennant is basically no longer. I am now looking for the sellers to take control and push lower – through the yellow, then green zone , then the low from September 23rd before moving above the 100 hour MA (blue line). The first key is to get below the 177.34 level which is the floor over the last 4 trading days.
It is the sellers turn to take control. If they want it, they will look to start moving away from the resistance and in the process, move through the support levels.
