GBP/JPY 1/22/2021 2:05 (DEMO)

2021年1月22日

GBP/JPY 1/22/2021 2:05 NO TRADE
Fundamental/Sentimental
Cot: Price action is mostly influenced by funds coming from the Japanese Yen but price action reacts loosely, delays and such. Maybe a few longs are still entering the market but funds could have easily changed directions. Longs followed by shorts possible
News and Events: No upcoming events for the expected life span of the trade that should affect anything.
Technical
Time Frame Analysis: Monthly: Have a squeeze, conflict between buyers and sellers, could be mistaken for an uptrend for sure. Candles indicate dying buyers market. Weekly: At a critical zone, pressured by the nearing trend line, buyers struggling to push up. Daily: Buyers have power moves, impulses but they’re being stretched thin. 4H: A lot of rejections, but buyers are trying to push.
Indicators: RSI is not helping very much, very neutral
Entry
Order: None
Position: None
RR: None

NOTE: Very little to go off of today, will wait for price to reach that critical zone and react accordingly. I don't like to force trades