Top 40 forex pairs, analyzed daily in the early hours of the Asian session (approximately 1 AM GMT).
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 16.42% from the day prior, but up 8.97% from the same day the week before.
Something else of critical noteworthiness is that gbp/jpy may have broken its trend on the 30 day basis, as the trend’s momentum appears to be slowing down.
This imputes a buy/sell ratio of 1.38, which is bullish.
This imputes a buy/sell ratio of 0.67, which is bearish.
It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign.
This imputes a buy/sell ratio of 0.13, which is quite bearish.
And as a big confirmation in the weekly chart there is a bearish trendline that was tested and it`s inside of the prz of the harmonic pattern take a look!…
As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up.