GBPJPY H4, possible 7th hit to trend line.
GJ has been in an uptrend for a few months now on the higher time frames and has been respecting a 4 hour trend line. Price is currently going through its pullback phase and approaching this trend line for a possible 7th hit. This area is also in a clear support and resistance zone.
Monitor what price decides to do when it gets closer to the trend line. If price slows down and doesn't breakout of the uptrend, look for a bullish entry. However, if price breaks through the trend line, wait for a retest on a lower time frame before entering a sell.
Monitor what price decides to do when it gets closer to the trend line. If price slows down and doesn't breakout of the uptrend, look for a bullish entry. However, if price breaks through the trend line, wait for a retest on a lower time frame before entering a sell.
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