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Friday, 25 July 2014

GBP/JPY H4

On intraday  H4 chart: BIAS IS BEARISH.
Traders can see that after wave 4 black low the market has made a nice five wave impulsive structure to the upside that has been labeled as wave 5 black of wave 5 purple of the overall wave C blue. This is another confirmation of a possible long term top at the level of 175.38. Current situation on H4 time frame suggest more downside prices to come as long as the invalidation line at the level of 174.51 in not broken. Moreover, any sustained break below Supply Breakthrough Zone (172.20 - 172.47) supports the bearish bias, especially if made in impulsive fashion ( five wave decline).


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