Market: GBPJPY
Interval: H4
Levels:
Support – 237.86
Resistance – 240.33

Description:

After forming an ABC corrective movement the bulls should once more portray their power. Do I believe that it is a good moment to open a position on the market? I am not sure but market geometry does point so. Why?

The market is At a level where two significant market geometries are found:

A = C
88.6% B = C

Other than geometry on the H1 interval, a pro increase candlestick formation has been formed; i.e the bullish engulfing while on the H4 interval something resembling a hammer formation is being formed. Obviously much can change but this do not change the fact that this is another signal of the growing power of the bulls.

I also believe that if the 240.33 resistance is broken then the next stop could be the level of 243.46.

Pic.1

Omar Arnaout