I like to keep my charts simple with a few regions and/or support and resistance levels. As everyone can see on the daily timeframe GBP/JPY rose in waves but that last wave rose quite fast and fell lower even faster. This suggests, according to my opinion, that there is little interest in taking the pair higher at least in the medium-term. The area where I've marked "Sell Zone" appears to be a good area to enter shorts since there is a ton of confluence in that region. With stop loss placed far enough to give fakeouts enough room. The 1st take profit zone is an important zone to look at taking profits or at least some profits off the table since price had a sharp bounce from that area.
Note
Unfortunately this trade idea resulted in a loss. Looks like the pair could attempt to touch the last major high around the 156 area.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.