GBPJPY (POUND YEN) MARKET ANALYSIS

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 Good morning traders, I hope you're well and ready to end the year profitable as this week comes with a lot of high impact news that will bring lots of volatility in the markets from CPI to FOMC to monetary policy releases by major central banks. Into the charts today I'm looking at GBPJPY where price rallied to a key H1 & H4 supply zone at 169.456 & 168.892 which is the origin of the previous drop to the H4 & daily demand zone at 164.474 & 163.721. Price filled the H1 & H4 range from the H1 & H4 supply to the H4 & daily demand and back to the H1 & H4 supply. Price rallied into supply and formed strong rejection wicks and candle closes inside supply. 
Took sell entries yesterday during NY session at 168.911 with SL at 169.270. Setup taken is a rally base drop, a reversal setup. Price strongly dropped away from supply by a strong H4 bearish candle during the CPI news release confirming a shift in market structure to bearish. Price dropped 190 pips to the 1st H1 low at 167.200 and still showing more bearish potential.














 

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