GBPJPY opportunity- Mean reversion play.
Updated
If the market gains momentum, there is potential for a countertrend on GJ.
Trading back to a weekly fast-moving average with the added confluence of a 50% retracement of the larger move.
Higher-risk trading against the trend, however, the market may present a shorter-term, high-RR trade opportunity.
There are two options for this trade idea, depending on the degree of pullback.
Trade invalidation If the price grinds higher without momentum or it moves below wave C with a lower low.
Trading back to a weekly fast-moving average with the added confluence of a 50% retracement of the larger move.
Higher-risk trading against the trend, however, the market may present a shorter-term, high-RR trade opportunity.
There are two options for this trade idea, depending on the degree of pullback.
Trade invalidation If the price grinds higher without momentum or it moves below wave C with a lower low.
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