The Asian session seems to have a knack of reversing all the gains made during the previous day. This has been happening each day of this week and today has not been an exception. This throws off a lot of traders as they are confused about the trend. I am sure that it would be a nightmare for the swing traders. Anyway, GJ made at attempt at breaking the strong resistance at 144 and went uptil 144.5 before it was met with a wall of sellers.
Now GJ has retreated more than 200 pips and has found some decent support at 142.2. This is not a very strong support but as we go lower, we would find stronger and stronger supports at around 141.5 and then a very strong support at 140.6.
The hourly chart again shows a pin bar at the top which should have been a good indication of the down move. On the upper side, there should be resistance at 143 and then at 143.8 and yesterdays high at 144. Today, being a Friday, should be interesting.
Hi Karthik,
ReplyDeleteNice one. I've made 150pips from GJ today. :-)