GBP/JPY POTENTIAL SWING TO TOPSIDE
As we experienced earlier, GJ experienced a nice sell off for the last few hours of market open but if we look to the previous trading day, GJ was looking to move higher per my analysis from yesterday. I do believe this is still a strong possibility as we can take a look at eh 4H chart and notice 2 important things:
- Strong bull candle close with long lower wick//: indicating strong buyer pressure
- we are currently tapping that support of the last 2 open and close candles on that 4H chart.
That alone is convincing enough for me to be behind a bull move on GJ.
In a more technical sense, we can see on the 30M close the long lower wick indicating some buyer pressure, couple that with the bounce exactly on that support I have mentioned and you have a good recipe for a long trade.
On top of this, I like the risk that I am taking as it is not a major SL to worry about if you do your trade sizing appropriately. The risk to reward is 4.54 as of right now and the trade is in profit as I am typing this analysis.
Open up the perspective and get on the 1H chart and you will see yet another long lower wick and short body for a major Hourly candle. Another confluence to my plan.
Of course in the event of my trade being invalidated, I have a short position ready to execute using the top of my liquidity zone as a stop loss level and a lower low as my profit target.
Happy trading fam and please BOOST THIS IDEA!!
- Strong bull candle close with long lower wick//: indicating strong buyer pressure
- we are currently tapping that support of the last 2 open and close candles on that 4H chart.
That alone is convincing enough for me to be behind a bull move on GJ.
In a more technical sense, we can see on the 30M close the long lower wick indicating some buyer pressure, couple that with the bounce exactly on that support I have mentioned and you have a good recipe for a long trade.
On top of this, I like the risk that I am taking as it is not a major SL to worry about if you do your trade sizing appropriately. The risk to reward is 4.54 as of right now and the trade is in profit as I am typing this analysis.
Open up the perspective and get on the 1H chart and you will see yet another long lower wick and short body for a major Hourly candle. Another confluence to my plan.
Of course in the event of my trade being invalidated, I have a short position ready to execute using the top of my liquidity zone as a stop loss level and a lower low as my profit target.
Happy trading fam and please BOOST THIS IDEA!!
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