GBPJPY Bottom Reversal with SierraChart Footprint

Review of the GBPJPY price action of the last 6 hours of 22 Dec 2017 (10:50am EST – 17:00pm EST) before the market closed for Christmas.

It is a Playbook replay review of how a High Volume node was built at 156.56 – a very strong natural level from the Daily chart of GBPJPY.

Later – after several attempts to move higher – the price broke below the trading range (Pipe) to new daily lows then sharply reversed off of the 1/8 back to the 3/8 level.

This is a very common price action during low volume/low participation holiday and overnight periods. The shaded green area is the previous day’s TPO Value Area with Value Area Low (bottom of the Pipe as well) around 156.45. The shaded red level is the previous day’s TPO Price of Control. Relatively slow price action due to the coming Friday close except the sharp reaction to the 1/8 level (yellow). own at the 1/8 level (yellow)

Sierra Chart version: 1674 | Data: Built-in SC FX Data

Click here for the Chartbook post