GBPJPY POTENTIAL SHORT OPPORTUNITY
Updated
Alright guys have another post I am making on the GBPJPY cross currency pair! I am not usually a JPY pair guy but now that price has come into a higher timeframe supply from 2008 with the reaction it has now had cannot be overlooked for myself. OK so let's dive in!!
SO when looking at this currency pair if you zoom out you can see that on the monthly and weekly timeframes you can see the multi-decade supply that price is coming into! This grabbed my attention since levels are the foundation to look for trading opportunities and being such a significant area we have to take a look. So let's dive deeper!
SO when looking back in time we obviously know how impactful the 2008 crisis was around the world and the fact that we are coming into supply for the GBP vs the JPY here it is something to look into. So when looking at the weekly and the daily timeframe we can see that price had a nice reaction from this zone already showing us some interest from the buyers from this point and also with strong momentum showing us they have major interest already around this zone.
Something that I am personally looking for since the JPY pairs like to run highs is a divergent run of highs setup to come deeper into the supply before seeing a potential aggressive move to the downside!
So let's keep our eyes out please boost and follow the page and looking forward to the next one! Cheers!
SO when looking at this currency pair if you zoom out you can see that on the monthly and weekly timeframes you can see the multi-decade supply that price is coming into! This grabbed my attention since levels are the foundation to look for trading opportunities and being such a significant area we have to take a look. So let's dive deeper!
SO when looking back in time we obviously know how impactful the 2008 crisis was around the world and the fact that we are coming into supply for the GBP vs the JPY here it is something to look into. So when looking at the weekly and the daily timeframe we can see that price had a nice reaction from this zone already showing us some interest from the buyers from this point and also with strong momentum showing us they have major interest already around this zone.
Something that I am personally looking for since the JPY pairs like to run highs is a divergent run of highs setup to come deeper into the supply before seeing a potential aggressive move to the downside!
So let's keep our eyes out please boost and follow the page and looking forward to the next one! Cheers!
Note
May not come run highs let's see!Trade closed: target reached
Hit first target zone..didn't end up running highs but huge push to downside from multi-decade supply! Cheers!
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.