On Friday, I did a video on the GBPJPY outlining the trend move and what needed to happen to break the buyers’ control – even by the a little. Trends are fast, directional, and tend to go further than what traders expect. As a result, it often makes sense to let the price action – and technicals applied to that price action – to dictate if the sellers are starting to “win” (even by the smallest of margins).
In the video, I discussed the 100 and 200-hour moving averages. Each had done their job at holding support with the 100 hour MA being a fairly strong barometer on the most recent run higher.
In this video, I look at what happened today on the correction. Did the buyers come in nearly 100 hour moving average again? What are the charts saying now? Has the song remained the same?
Watch and learn….
This article was written by Greg Michalowski at www.forexlive.com.
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