Pin bar rejection from 4hr support level which is also the .618 fib retracement level. Price action is below the kumo, impulsive moves followed by corrective moves show the Bears are in control, order flow seems to be smoothly rolling down in a non-volatile trend. The ichimoku kinko hiyo high lights how ichimoku wave theory makes the next impulsive leg down...
EURJPY price action below the kumo, impulsive moves followed by corrective moves, and ichimoku kinko hiyo wave theory suggest the bearish N wave will continue downward. Lets see if the B-C corrective leg continues higher before the next impulsive C-D leg finishes the N wave.
The GBPUSD daily chart is in a bearish channel but MACD is in a bullish channel. If price action breaks the 1.5274 resistance level we may see the bulls head towards the upper channel trend line or maybe even break through the channel for a nice bull run.
The false break GBPUSD had today is an indication that the resistance zone around 1.5672 is strong. Price action may fall to the next key support zone of 1.5468.
The 8 hr chart (as well as the 1 hr and 4 hr charts) coupled with 3 different indicators - the Ergotic TSI, MACD, and RSI - indicate a bearish trend that may be on the way.
A typical Head & Shoulders pattern is coming together. Right shoulder is still forming and likely will range a little before dropping back down to possibly the 1.11500 zone.
